Filing for bankruptcy is a tedious process that requires much attention to detail. There are numerous forms that are required, each listing large amounts of information about your finances. In order you’re your case to be successfully discharged it is crucial that all of your forms contain accurate information. Using a bankruptcy attorney to assist in your case is always recommended, as they are highly experienced and can ensure all of your paperwork is accurate and complete.
The first, and most important, document that is required is the bankruptcy petition. This document lists all of the details about your finances, such as your debts, assets and any bank account summaries. You are required to list all of the debts you currently carry and the creditor that holds the account. You must list any assets you currently own, as well as any that were sold or liquidated at least 2 years prior to filing your case. Filing the petition gives the court a broad picture of your financial standing, as well as initiates the order to prevent creditors from contacting you during the process.
In addition to filing the petition you will need to complete several additional forms that list of your assets in greater detail. Schedules A, B and C provide the necessary details about your assets and must be completely accurate; any attempt to conceal or withhold information about assets is considered bankruptcy fraud. Schedule A lists your real property, such as your home. Schedule B lists your personal property, which includes a description of the property and its location. Schedule C is a list of property that you are claiming to be exempt from the bankruptcy process.
You will also be required to complete several forms detailing your debt accounts and creditor information. Schedule D lists your secured creditors, such as your mortgage lender, the lender for a car loan, or any other debt that is secured by collateral. Schedule E lists for priority unsecured creditor information, such as student loan companies or the IRS; whereas Schedule F lists nonpriority unsecured creditors, such as credit card companies and medical billing agencies.