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Bankruptcy Forms: A Sample of What Is Required
Have you decided, after months of careful consideration and deliberation, to file for bankruptcy protection under the law? Would it be helpful if you had access to the various bankruptcy forms so you can get a better idea with regard to the bankruptcy process and procedures? Like many official and legal forms, bankruptcy forms can usually be found online if you know where to look. While not exactly official, these forms usually list the various documents that will be required during the bankruptcy process, which can help you get a head start on the paperwork before you actually file. In this article we will discuss the bankruptcy process in a bit more detail, and highlight some of the bankruptcy forms that will be required in the event you decide to seek this type of legal protection.
About Bankruptcy
As the economy in this country and around the world continues to struggle, so too does the number of personal bankruptcy filings. During times of economic prosperity, unfortunately, many people have a tendency to live above their means, buying on credit with the belief that the economy will continue to prosper. However, when bad times hit, many people, especially those who have lost their jobs due to downsizing and lay-offs, find they can no longer make their monthly payments. This typically results in an endless number of phone calls and threats from creditors, until finally, bankruptcy becomes the only option.
Bankruptcy is a process through which people can be forgiven of their unsecured debt—credit cards, loans, etc.—without the threat of losing their home or possessions. Once a person files for bankruptcy, creditors are no longer legally permitted to call or harass them. If a bankruptcy judge grants the client’s petition, he or she will no longer be required to pay for those debts, however it will result in a major hit to their credit rating—a hit that will appear on their official credit record for the next ten years.
Bankruptcy Forms: A Few Examples
When a person decides to file for bankruptcy, there are a number of bankruptcy forms required—forms that will be jointly completed by the client and the bankruptcy attorney. Below are just a few examples of those forms:
• Voluntary Petition. The voluntary petition is essentially the document through which a person declares bankruptcy, and indicates he/she is making this decision of his/her own free will.
• List of Creditors. The “list of creditors” bankruptcy form is where the client will list all of his/her creditors, along with the total amount owed to each one. This form provides room to list the top 20 creditors in ascending order, beginning with the creditor to whom the highest amount is owed.
• Fee Waiver. Bankruptcy is not a free process, but lower income families can petition the court to have their filing fees waived. If this request is not granted, the court will usually allow the petitioner to pay these fees in installments.
• Personal Property. The personal property bankruptcy forms are where a petitioner is required to list all of his/her personal belongings that have a value of $500 or more.
This is just a small sample of the many bankruptcy forms required when a person decides to file. If you need a complete listing of the forms required in your area, your best bet is to check your state’s official website for details.