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What Is Included In A Bankruptcy Filing?
A bankruptcy filing primarily includes the Bankruptcy Schedules (referred to as Schedules A through Schedule J), the Statement of Financial Affairs, a Statement of Intention concerning secured assets and the Forms 22A and 22C that make up the Means Test. A Chapter 13 bankruptcy filing also includes the Chapter 13 Plan.
The Bankruptcy Schedules
The Bankruptcy Schedules include the following:
- A list of your real estate and personal property and the exemptions for those assets
- A list of all of your debts (secured, priority and unsecured non-priority)
- Names of co-debtors
- A list of all current leases or contracts
- Your monthly income from all sources and monthly expenses
The Statement Of Financial Affairs
The Statement of Financial Affairs addresses various matters concerning your past, present and, to some extent, future financial dealings. These include, among other things: any transfers of property; certain debts incurred and payments made to creditors leading up to the filing of the bankruptcy; a list of financial accounts closed within the past year; details of certain losses or damage to property, or property that has been repossessed or foreclosed upon; and lawsuits in which you were a party.
The Statement Of Intention
The Statement of Intention is your verification as to whether you will be retaining or surrendering secured property, such as a house, a car or a boat. If retaining the property, the Statement of Intention also includes the means by which the secured debt on the retained property will be treated. If you will be surrendering the property, the debt on that property will be discharged in the same manner as the other, non-secured property.
The Means Test Forms
The Means Test is what determines whether a debtor may file a Chapter 7 bankruptcy or whether the debtor is instead forced to file a Chapter 13 bankruptcy. The means test performs calculations based upon your household size and gross income for the six months leading up to the filing of the bankruptcy petition, along with certain allowable deductions, all aimed at arriving at a monthly disposable monthly income amount that will be devoted to the Chapter 13 plan. The Means Test also determines if the length of a Chapter 13 Plan can be three years or if it must be five years in duration.
All of the information within your bankruptcy is important and is sworn under the pains and penalties of perjury to be truthful. Any part of the bankruptcy petition that is not properly prepared could have unintended and perhaps drastic consequences. To ensure that all of the parts of your bankruptcy filing are properly prepared, be sure that your bankruptcy case is handled by an experienced bankruptcy attorney.
Free Consultation With Attleboro Massachusetts Bankruptcy Attorney
For more information on bankruptcy or to schedule a free initial consultation with an experienced bankruptcy lawyer, please contact the Law Offices of Ira C. Yellin, LLC, today.
When representing consumer debtors in connection with bankruptcy, the Law Offices of Ira C. Yellin, LLC, is a debt relief agency as defined by the Bankruptcy Code, 11 USC § 101(12A).