Chapter 7 Bankruptcy Forms: An Overview

 Posted on April 26, 2023 in Chapter 7

Filing for Chapter 7 bankruptcy involves attending a meeting of creditors, participating in two mandatory educational opportunities, and filling out more than one dozen forms. The process of completing Chapter 7 bankruptcy forms is a detail-oriented process that many filers find to be understandably frustrating. Seeking professional assistance to complete these forms can not only make the process easier but doing so can also better ensure that unintentional mistakes or omissions do not lead to a delayed discharge or a rejection of your bankruptcy petition overall.

Schedules, Declarations, and Statements

The majority of required bankruptcy forms for a Chapter 7 filing are referred to as schedules. On each schedule, you will be asked to submit specific information about your case, including:

• A list of your property
• The exemptions you are claiming
• Your secured debts
• Your unsecured debts
• Any financial contracts to which you are a party
• Any codebtors
• Your income
• Your household expenses

Additionally, on a number of forms labeled declarations and statements, you will be asked to swear to the truthfulness of the information that you are filing with the court and you will be permitted to elaborate on the nature of your financial circumstances.

Creditor Matrix and Verification

Each regional bankruptcy court district also requires filers to complete a list of their creditors and those creditors’ contact information in highly-specific ways. This list is often referred to as a creditor matrix. If this list is not filled out properly, it can affect the effectiveness of the automatic stay. Courts also generally require filers to submit a separate verification of creditor matrix form that allows them to confirm that the creditor-related information they have submitted is complete and accurate to the best of their knowledge.

Contact a Knowledgeable San Antonio Bankruptcy Lawyer for Personalized Guidance

Filling out bankruptcy forms is a complex, nuanced, and time-intensive process. It is also a high-stakes process, as mistakes can result in delays, a rejection of a filer’s bankruptcy petition, or even penalties if a misstep appears to be an intentional, fraudulent omission or misstatement of fact. Thankfully, you do not need to navigate the process of preparing your bankruptcy forms alone. Our firm’s skilled San Antonio, TX bankruptcy lawyer understands how to approach this task efficiently and effectively so that filers can move toward a fresh financial start as quickly as possible.

If you file for Chapter 7 bankruptcy soon, you could be just a few months away from a discharge of your eligible debts. To learn more, schedule a free case evaluation with the reputable legal team at Law Offices of Chance M. McGhee by calling 210-342-3400 or by submitting a contact form on our firm’s website. We look forward to hearing from you.

Source:

https://www.uscourts.gov/forms/bankruptcy-forms