Understanding Bankruptcy

Official Court Forms

Forms are an important part of the bankruptcy process. Through official forms – schedules, debtors communicate with creditors. In addition, forms provide the court and trustee with a list of parties involved and the scope and nature of their involvement. Also, the court uses information provided to conduct the means test to examine the debtor’s ability to pay the debt. All forms must be filed within a maximum period of 45 days from the original petition date. Here is a list of the required schedules:

• A list of both secured and unsecured creditors, their addresses, and the amount of debt owed to each;
• A statement of financial affairs of the debtor;
• A list of all property owned by the debtor, including exempt property claimed by the debtor;
• A list of debtor's current income and expenses;
• Proof of all income acquired by debtor in the past six month;
• Copy of federal income tax filings for the previous two years;
• A statement of the debtor monthly income including an itemized deduction worksheet for basic monthly expenses.

All forms are completed under oath and filers hold legal liabilities for alterations or changes regardless of the results intended. Debtors who are denied Chapter 7 can seek protection under Chapter 13.