When you file for bankruptcy, you must disclose your financial information on official bankruptcy forms. The bankruptcy petition is the first of many forms you'll need to complete (although the entire packet is often called the "petition"). This article explains how to choose the proper petition form, what's included in the petition's contents, where to find bankruptcy petition forms, and more.
As with most forms, the filer will give the bankruptcy court basic information about the debtor. For instance, a petition for an individual filing a voluntary case—the most common type—will disclose the following:
It might be tempting to lower your income for Chapter 7 qualification requirements or "forget" to include cash or other assets in your property disclosures. However, omissions are never worth the risk.
Transparently completing bankruptcy paperwork is crucial because an individual debtor or an official representative of a non-individual filer must sign the petition under penalty of perjury. By signing, the debtor also acknowledges the consequences of lying to the court, concealing property, or committing bankruptcy fraud. The penalty for perjury can be up to a fine of $250,000, imprisonment for up to 20 years, or both.
You'll need to file many other forms in the bankruptcy case. The remaining forms detail the debtor's income, assets, debts, expenses, and other aspects of the debtor's financial circumstances.
The Chapter 7 forms and the forms filed in Chapter 13 are similar but slightly different. Learn more about completing bankruptcy forms.
Filing out all forms needed in bankruptcy is a time-consuming process. Although most people file all forms with the petition, if you're in a hurry, you can file a smaller set of forms in what's known as an "emergency bankruptcy filing" or a "skeleton filing."
Keep in mind that you can't choose the forms you file, but you must complete specific forms required for an emergency filing. The remaining forms must be filed no later than 14 days afterward, or the bankruptcy court will dismiss your case.
The official bankruptcy forms can be completed and downloaded for free from the forms page of the U.S. Courts website.
Did you know Nolo has made the law easy for over fifty years? It's true, and we want to ensure you find what you need. Below you'll find more articles explaining how bankruptcy works. And don't forget that our bankruptcy homepage is the best place to start if you have other questions!
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We wholeheartedly encourage research and learning, but online articles can't address all bankruptcy issues or the facts of your case. The best way to protect your assets in bankruptcy is by hiring a local bankruptcy lawyer.