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What information do you need to file for Chapter 7 bankruptcy?

Once you have made the decision to file for a Chapter 7 bankruptcy in Rockingham County, you now enter into information gathering mode. While the time required to fill out all of the necessary paperwork may be extensive, in many cases you’ll simply be repeating information. Thus, as you prepare to file, it is helpful to know what types of information you will be asked to provide.

According to the website for the United States Courts, you need to know the following information in order to be fully prepared to answer the questions presented in the paperwork that awaits you:

  •          All of your creditors, including your relationship with them and the amounts they are owed.
  •          The source of your household income, as well as how much and how often you are paid.
  •          A detailed list of all of your property.
  •          A breakdown of your monthly living expenses.

Naming who your creditors are as well as the nature of their claims against you allows the court to establish which debts are dischargeable and which creditors may recoup their claim amounts when your assets are liquidated. Detailing your income along with your monthly expenses helps to see whether you qualify to file under Chapter 7. When doing this, you need to include your spouse’s information even if you are not filing a joint petition.

Listing your property allows you to see which exemptions you may apply. This helps you know which of your property is protected from liquidation, and also lets you see how giving up or retaining an asset may help accomplish your purpose for filing for bankruptcy in the first place.

While this information should not be taken as legal advice, it may help the process of completing and filing your paperwork flow much more smoothly. 

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