Filling Out Bankruptcy Forms - What the Forms Do Not Tell You to Do


Bankruptcy filing are at an all time high. With the economy in a downturn, people out of work and mounting bills, people are seeking relief. Fortunately, congress has provided within Title 11 of the U.S. Code relief in the form of bankruptcy. This part of the U.S. Code provides all forms of bankruptcy, including 4 sections that apply to individuals.

The filing of bankruptcy is accomplished by the filing out of approved forms. These forms, of course, attempt to follow the bankruptcy code and procedural rules enacted by congress. But these forms fall short of being an instructional manual. To figure out what information should be included, and to what extent, one must understand the code, rules, local rules, and case law. This is what the forms do not tell you.

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For example, when filing for bankruptcy, an individual must fill out, among other things, something called schedules. Two of the schedules are Schedule B and Schedule C. Schedule B contains a list of assets, together with the value of those assets. Schedule C contains a list of claimed exemptions. A recent Supreme Court decision outlined the importance of listing the value and exemption amounts in such a way that the trustee can determine whether the debtor intended the amount as a fixed amount of value, or a percentage of value. This may sound simplistic, however, the forms simply ask for a value without explanation or reference to case law.

The failure of one to properly familiarize oneself with everything necessary to file bankruptcy, or to hire a competent attorney or bankruptcy form preparer, could result in unexpected consequences. This could include, but not limited to, the unanticipated selling of assets by the trustee or untimely dismissal of ones case by the Court; this stemming from a simple lack of understanding of what numbers to place where within the bankruptcy forms.


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