What Forms You Need to File Bankruptcy DIY
Are you planning to file bankruptcy? Do you want to know about the required forms? Yes, you need to file some specific forms under Chapter 7 and Chapter 13 bankruptcy. In the following, we will cover all the Chapter 7 bankruptcy forms. Also, you will have to file most of them for Chapter 13 bankruptcy.
FORMS TO FILE BANKRUPTCY
If you are eligible for filing bankruptcy, you can eliminate most debts and start fresh. During the process, you will have to file many forms. Yes, you will have to list all your debts. Also, you will have to file a complete petition to give a picture of your current financial life. You will have to include your assets, financial transactions, debt, and income. When it comes to forms, you will have to file the following.
VOLUNTARY PETITION: FORM 101
It is an introductory form that you will have to fill with your personal information. You will have to share your address with your name. Also, you will have to give the reason for filing bankruptcy. Besides, you need to add the nature of debts, liabilities, assets, creditors, and information related to your previous bankruptcy.
In addition to all these, you must complete a credit counseling course. You can ensure that you have done it from an approved agency and submit a copy of the certificate in your form.
SCHEDULE A/B: FORM 106A/B
It will require you to disclose personal and real estate property ownership. When it comes to real estate property, you will list condominiums, land, house, or other related assets. After filing the property names, you will have to give the details of the property location, nature and value of interests, and amounts of your secured loans. Besides, you will have to list all your personal properties. It might be bank accounts, stocks, insurance policies, retirement accounts, bonds, clothing, household goods, musical instruments, cars, or other personal property. You can list all that include the worthless ones.
SCHEDULE C: FORM 106C
In this schedule, you can claim some property as exempt. Under Chapter 7 bankruptcy, you can keep some property. But your trustee can sell the non-exempt property to repay your creditors. However, every state will have specific rules regarding bankruptcy exemptions. It is an important form, and you will need a bit of research to get the most out of it.
SCHEDULE D: FORM 106D
You will have to list your secured claims in this schedule. You can mention all those debts where you have used your property as collateral. You might know that the creditor can take possession of your property if you fail to pay those loans. The most common types are car loans and mortgages. While filing this form, you will have to mention the lender’s name. You need to fill out the address as well. Besides, you will have to write the loan nature, date, and amount with your property description.
SCHEDULE E/F: FORM 106E/F
You need to list your unsecured loans in this schedule. When it comes to unsecured claims, you can list personal loans, medical bills, and credit card bills. These loans are priority claims in the bankruptcy filing. You can list all your remaining debts even if you want to pay some.
SCHEDULE G: FORM 106G
In this schedule, you can list all the loans where you both are still compelling. These debts include rental agreements, car leases, property leases, real estate contracts, license agreements, and personal property leases.
SCHEDULE H: FORM 106H
You will have to list codebtors if you have any. But, bankruptcy will only eliminate your liability, not codebtors. Your codebtors will have to pay the loan even you get relief.
SCHEDULE I: FORM 106I
This schedule will require your employment information. Yes, you will have to disclose your income and employment details. Also, if you are filing bankruptcy without involving your wife, you can list the non-filing income of your spouse.
SCHEDULE J: FORM 106J
In schedule J, you will have to share your expenses. You will have to give the details of your monthly expenditure. They will deduct your monthly spending from your monthly income to know how much disposable income you have per month. You can also file Schedule-J-2 to deduct extra living expenses.
FORM 106 SUM
It will give your trustee and the court a complete picture of your current financial condition. After filing Schedules A to J, you will have to mention the totals in this form.
FORM 106DEC
Once you file all the schedules, you will have to declare that all the data are correct by signing this form. If there is any wrong information, the court can dismiss your bankruptcy. Also, you might face criminal charges for incorrect information.
FORM 107
It will offer information to the court about your financial condition. In the SOFA or Statement of Financial Affairs, you will have to disclose your recent creditor payments, past income, previous foreclosures, lawsuits, or similar ones.
FORM 108
You will have to fill out this form to tell your creditors and the court about your intention with debts. You will have to indicate which secured loans you want to keep and which ones you want to surrender. If you choose to keep it, you will have to reaffirm or redeem your property.
FORMS 122A-1, 122A-1SUPP, 122A-2
You need to pass the means test to qualify for Chapter 7 bankruptcy. It will compare your income of six months before filing the bankruptcy against a similar median household income. If your income is below the median income, you can pass automatically. You do not need to fill out these two forms. But if you cannot succeed in the means test, you will have to fill the second form.
FORM 2010
You will know more about bankruptcy types, counseling agencies, and bankruptcy crimes.
FORM 121
You will have to share your social security number. However, it will not appear on the public docket of the court.
You will have to file all these forms while filing bankruptcy. Inquire about each bankruptcy form and make sure that all the data is correct to your knowledge.