The bankruptcy court uses the list to provide all required notices to your creditors during your case. Failing to file it correctly can cause problems with your discharge. Read on to learn more about the creditor mailing list, why it is important, and how to file it correctly.
A bankruptcy case starts when you complete and file a packet of official bankruptcy forms. The primary form, called the petition, tells the court which chapter you intend to file and other identifying information, like your name and address. Details about your financial situation, including income, debts, creditors, and property, are listed in additional “schedules.”
For more information, see How to Fill Out Bankruptcy Forms.
You’ll file your creditors' names and addresses on a “creditor matrix” along with the completed bankruptcy forms and schedules. The matrix is essentially a document formatted for printing mailing labels.
The court uses the matrix to create a mailing list of your creditors. Also, the list will be made available online through Pacer, the court’s online case management system. All bankruptcy participants can use the list to print mailing labels for required notifications, such as the setting of motions and hearings (more below).
The creditor matrix is not an official bankruptcy form. The format depends on your particular court, but you’ll create it like you would a mailing label template. Contact your local court or consult the court’s website for instructions on making it.
The court will use the creditor mailing list to notify creditors of your bankruptcy case and alert your creditors to the automatic stay order that prohibits most creditors from continuing collection actions. The bankruptcy court also relies on your creditor mailing list to send out the time and place of your meeting of creditors—the one hearing all filers must attend—and other important information.
You or a creditor can also use it to quickly obtain necessary addresses when you need to provide notification about an upcoming motion or similar event. Also, debtors often use the list after amending a schedule or Chapter 13 plan proposal.
Incorrectly filing your creditor mailing list can lead to delays in completing your bankruptcy, problems with your discharge, and more expenses related to fixing these issues.
Generally, if you fail to list a debt in your bankruptcy, it won’t get discharged. Even if you list a debt in your bankruptcy but don’t include it or incorrectly identify the creditor on your mailing list, that creditor might have grounds to object to your discharge (even after your case is closed) based on a lack of notice. In that case, you might incur additional fees to respond to the objection or amend your bankruptcy.
Further, a creditor who doesn’t receive notice of your bankruptcy might continue garnishing your wages or otherwise collect on its debts.
You’ll file the creditor matrix along with your other bankruptcy paperwork. Each bankruptcy court has rules and procedures for preparing and filing the creditor mailing list.
You or your attorney must follow the court’s specific formatting instructions to ensure proper processing. If you are filing on your own, you can obtain information from your local bankruptcy court. Use the United States Courts Court Locator tool to find your local bankruptcy court’s 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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]]>The standard you use in valuing your personal property is the current value. Read on to learn the various methods you can use to get this value for each of your personal belongings.
When you list all of your property on Schedule A/B, you’ll be asked to provide the “current value” of your personal property, which includes everything other than real estate.
Another term for current value is the “fair market value.” Fair market value is the price that a willing seller and buyer would agree that the item is worth assuming that there is no particular pressure to conclude the sale.
It’s not the cost of replacing your items with new items. The value will likely represent the amount you paid for the item, minus deductions for wear and tear. The current or fair market value will be what a reasonable person would be willing to pay for your items. You’ll list the current value as of the date you file for bankruptcy.
The best method for determining the current value for your property will depend on the property type.
You’re likely familiar with valuing a car or truck. It’s not much different in bankruptcy.
Be sure to take into account the age and condition of the vehicle, and whether particular repairs will be necessary. Also, be prepared to bolster your valuation with photographs and repair estimates, as appropriate. To learn more about your options for dealing with your vehicle and auto loan, see Nolo's section on Your Car in Chapter 7 Bankruptcy.
You can use different methods for valuing your household goods, including furnishings, clothing, and electronics, depending on what best fits your situation.
These types of items could need an appraisal. Make clear to the appraiser that you are looking for a current sale value appraisal and not an appraisal for insurance. The valuations may be different. Pawnshops might give you the lowest appraisal value, but because they have a reputation for undervaluing property, the appraisal would likely draw an objection by the trustee. A reputable dealer in estate property may be the best source for appraisals on these items.
]]>The focus of a Chapter 13 case is the repayment plan proposing an agreement to pay your debts according to your income, but there’s a lot more you’ll have to file in Chapter 13. You’ll find the official Chapter 13 bankruptcy forms below, including the repayment plan form. However, many districts have a local Chapter 13 plan form filers must use.
Learn more about the Chapter 13 repayment plan.
Below you’ll find a list of the forms you’ll need when filing for Chapter 13. The forms required in some but not all cases are in the “Forms You Might Need in Chapter 13 Bankruptcy” section. You'll find a list of the documents you'll need when completing your Chapter 13 forms toward the end.
Below are the forms individuals must file in Chapter 13 bankruptcy. We specify “individuals” because businesses other than sole proprietors can’t file for Chapter 13.
101 Voluntary Petition for Individuals Filing for Bankruptcy
106Dec Declaration About an Individual Debtor’s Schedules
106Sum Summary of Your Assets and Liabilities and Certain Statistical Information
106A/B Schedule A/B: Property
106C Schedule C: The Property You Claim as Exempt
106D Schedule D: Creditors Who Hold Claims Secured by Property
106E/F Schedule E/F: Creditors Who Have Unsecured Claims
106G Schedule G: Executory Contracts and Unexpired Leases
106H Schedule H: Your Codebtors
106I Schedule I: Your Income
106J Schedule J: Your Expenses
107 Your Statement of Financial Affairs for individuals Filing Bankruptcy
113 Chapter 13 Plan (courts often require a local plan form instead of the official form)
121 Your Statement About Your Social Security Numbers
122C-1 Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
122C-2 Chapter 13 Calculation of Your Disposable Income
423 Certification About a Financial Management Course (you'll use this bankruptcy form after filing if the debtor education course provider doesn’t file your certificate for you)
2010 Notice Required by 11 U.S.C. §342(b) for Individuals Filing for Bankruptcy (the notice must be provided to the filer, but the local court determines whether you’ll file it with the other bankruptcy forms)
Creditor Matrix or List: You’ll provide a mailing label list of your creditors using a format determined by your local bankruptcy court. The “Local Chapter 7 Bankruptcy Forms” section below explains how to find this requirement.
To learn more about completing the bankruptcy forms.
Not everyone will need these forms when filing for Chapter 13. You’ll likely need one if:
101A Initial Statement About an Eviction Judgment Against You (only if you have eviction judgment against you)
101B Statement About Payment of an Eviction Judgment Against You (only if you have eviction judgment against you)
106J-2 Schedule J-2: Expenses for Separate Household of Debtor 2
119 Bankruptcy Petition Preparer’s Notice, Declaration and Signature
2030 Disclosure of Compensation of Attorney for Debtor
You can download almost all the Chapter 13 pdf forms you’ll need from the United States Courts Bankruptcy Form webpage.
Your local bankruptcy court might require you to file a few additional forms or use your local court’s Chapter 13 plan form. We don’t provide a list of local forms because requirements vary.
If you’re unsure how to find your local court’s information, try using the Federal Court Finder. You’ll find more information about finding local bankruptcy forms in How to Get and File the Bankruptcy Forms.
You’ll need many financial documents when completing your bankruptcy forms. You’ll also provide the Chapter 13 trustee with several at least seven days before the 341 meeting of creditors that all filers must attend.
In Chapter 13, you should plan on turning over:
The Chapter 13 trustee can request other documents related to your finances. It’s not uncommon for a trustee to want the following:
Your bankruptcy lawyer will explain the expectations of the Chapter 13 trustee assigned to your case.
Many people find it challenging to file for Chapter 13 bankruptcy without an attorney unless they have a straightforward case. If you have any questions, consider consulting with a bankruptcy lawyer. Many offer a free initial consultation.
Did you know Nolo has been making the law easy for over fifty years? It’s true—and we want to make sure 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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]]>In this article, you’ll find a rundown of what you must pay, when you must pay it, and how to qualify for a fee waiver or installment payments.
Effective December 1, 2020, the total fees you must pay to file a bankruptcy petition are:
The bankruptcy court increases these fees from time to time. You can find the most up-to-date fees on the U.S. Courts fee webpage
Typically, the filing fee is due when you file your bankruptcy petition. However, there are two exceptions in Chapter 7 bankruptcy. You can ask the court if you can pay the fee in installments or waive the fee entirely.
To ask the court to allow you to pay your filing fee in installments, you file Form 103A Application for Individuals to Pay the Filing Fee in Installments. On the form, you must state that you cannot pay the fee except in installments and propose to pay in no more than four payments within 120 days after filing the petition.
You don’t have to pay the fee if the court waives it. To qualify for a fee waiver, you:
You’ll request a fee waiver by completing and filing Form 103B Application to Have the Chapter 7 Filing Fee Waived. You might have to appear in court so the judge can ask you questions; however, in many cases, the judge will approve the application without requiring an appearance.
Learn how to amend bankruptcy forms.
Because you must have enough money to fund a repayment plan for three to five years in Chapter 13 bankruptcy, Chapter 13 filers don’t qualify for fee waivers or installment payments in practice. Plan to pay the fee when filing the case.
When you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you must get credit counseling from an approved provider within six months before filing. After filing your case, you must also take a debtor education course as a condition of receiving your bankruptcy discharge (the order that wipes out qualifying debt).
Most approved credit counseling providers charge between $15 and $30 for the required counseling, but you might not have to pay anything. The law requires the agencies to provide counseling without regard to your ability to pay, so if you can’t afford the counseling, let the agency know about this requirement.
The debtor education courses also cost about $35. If you can’t afford the amount charged, you can ask that the provider waive the fee or that you be allowed to pay a lesser amount.
Finding a way to pay Chapter 13 bankruptcy fees is relatively simple because many bankruptcy attorneys charge as little as $100 to start and roll the remainder into your Chapter 13 repayment plan. This approach allows you to pay your Chapter 13 fees over time.
In Chapter 7 bankruptcy, you’ll need to pay your lawyer fully before filing your case. Why? Because Chapter 7 bankruptcy erases attorneys’ fees. If you don’t pay in full, your lawyer will go unpaid.
So how do you find the money to file for Chapter 7? Most Chapter 7 filers stop paying bills that will be erased in bankruptcy and use the funds to pay the lawyer instead. Others will borrow the money from friends and family.
But other strategies exist. Here’s where you can learn more about what you can do if you can’t afford a bankruptcy lawyer.
Did you know Nolo has been making the law easy for over fifty years? It’s true—and we want to make sure 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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Updated October 20, 2022
]]>We also explain when you might need to reopen a closed bankruptcy case in the “How to Amend a Bankruptcy Petition or Form After Bankruptcy” section at the end of the article.
Everyone does their best to complete their bankruptcy paperwork accurately. However, if you later discover an error, you’ll need to fix the issue by changing or “amending” it once you realize your paperwork isn't entirely accurate.
The reasons you might need to amend your bankruptcy paperwork include:
Making a mistake. The most common reason for amending a bankruptcy form is a mistake on the set initially filed with the court. Errors can range from getting an address wrong to miscalculating your income.
Omitting information. You might also need to fix your bankruptcy forms if you accidentally forgot to include information, such as a creditor or asset.
Changing circumstances. Sometimes your circumstances change during a bankruptcy case. For instance, you might have gotten laid off shortly after filing or moved out of a relative’s home into a rental. You’ll want to amend the forms to reflect the change in income, address, or any other changed circumstances.
If you’re reading this article, you’re likely well into the bankruptcy process and already know that it starts when a debtor files a packet of bankruptcy forms with the court's clerk. Below you’ll find examples of when you might amend the bankruptcy petition, a schedule, or another form.
Filing the primary form, the bankruptcy petition, starts the case. It provides identifying information such as the debtor’s name and address and the type of bankruptcy chapter the debtor wishes to file.
The most common reason you might amend the bankruptcy petition is to change your name to match the identification presented at the 341 meeting of creditors. This can happen when the bankruptcy trustee notices a slight difference between the name on the petition and your driver’s license, military I.D., or passport.
For instance, if you listed your name as John Doe on the petition, but your driver’s license reads Jonathon Martin Doe, the trustee might ask you to amend the petition to reflect your full legal name.
A debtor must disclose all financial information, like income, expenses, assets, and debts, on bankruptcy forms called “schedules.” You'll want to fix any discrepancies or changes to the information provided in the schedules filed with the bankruptcy petition.
The other form you’d most likely need to amend would be Your Statement of Financial Affairs. This extensive form includes questions about your financial history and dealings, including creditor payments, gifts, property you’re holding for someone else, lawsuits, business information, and more.
It’s common to amend this form to fix omissions. You might have forgotten to list a savings account with a minimum balance you rarely use or a retirement account you cashed out a few months before filing. Or you might need to amend your property transfer history if you forgot to list a car given to a college-age child.
Here are the basic steps you'll take when amending a bankruptcy form. Each court's particular amendment procedures can be found on the court’s website if you're filing without an attorney.
You’ll start by getting a clean copy of the form you want to amend from the U.S. Courts bankruptcy form page.
Search your local bankruptcy court’s website for the amendment filing procedures. The procedure should be in the court’s local rules. You might need to submit only the amended information or copy the unchanged information from the original form.
The local rules will also explain if the amended form requires a cover sheet. Not all forms do, but if it’s necessary, you should be able to download a cover sheet from the court’s website. You can find the court's website using the Federal Court Finder tool.
You’ll type “Amended” at the top of the form and specify whether you are adding, deleting, or correcting information. This step alerts the court and others that information has changed.
Follow the form’s instructions and your court’s local rules when completing it. If there was a mistake on the original form, fill in the corrected information on the new blank form, or, if you omitted something, include it.
Before filing the form, you’ll want to review the fee schedule. You’ll pay to file some amended forms, but not all of them. You’ll also need to serve copies of the amended form by providing them to the bankruptcy trustee and the affected creditors.
Learn more about the basics of completing bankruptcy forms.
Sometimes it's necessary to amend a filing in your bankruptcy case after the case is over. Perhaps you want to notify a newly discovered creditor of the bankruptcy case, or a reportable event occurred that you must disclose, such as receiving an inheritance or lottery win within the reporting period.
In such cases, you’ll likely need to file a motion asking the court to reopen your bankruptcy case so you can amend your filing. Because this rarely happens, it would be advisable to consult with a local bankruptcy lawyer about whether it would be necessary, the ramifications, and the process.
Did you know Nolo has been making the law easy for over fifty years? It’s true—and we want to make sure 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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]]>Almost all the forms you’ll need are official bankruptcy forms available on the United States Courts Bankruptcy Form webpage. You can download the online forms and print them out for filing.
Here’s a list of the forms all individuals must file in Chapter 7 bankruptcy. You’ll notice that you have two means test form choices (the means test qualifies you for Chapter 7). If you're exempt from taking the means test, use bankruptcy form 122A-1 Supp.
Also, check the “Forms You Might Need to File in Chapter 7 Bankruptcy” section for the forms required in some but not all cases. You'll find forms to request a fee waiver, report an eviction, list a spouse’s household expenses, and report bankruptcy fees you've paid, along with the bankruptcy form you'll need if your gross income exceeds qualifying limits.
This bankruptcy form list is for individual bankruptcy filers only. Businesses filing for Chapter 7 should use the "non-individual" bankruptcy forms and seek professional advice because Chapter 7 is rarely filed by businesses. Your bankruptcy lawyer can explain what small businesses can expect in Chapter 7 bankruptcy.
101 Voluntary Petition for Individuals Filing for Bankruptcy
106Dec Declaration About an Individual Debtor’s Schedules
106Sum Summary of Your Assets and Liabilities and Certain Statistical Information
106A/B Schedule A/B: Property
106C Schedule C: The Property You Claim as Exempt
106D Schedule D: Creditors Who Hold Claims Secured by Property
106E/F Schedule E/F: Creditors Who Have Unsecured Claims
106G Schedule G: Executory Contracts and Unexpired Leases
106H Schedule H: Your Codebtors
106I Schedule I: Your Income
106J Schedule J: Your Expenses
107 Statement of Financial Affairs for Individuals Filing Bankruptcy
108 Statement of Intention for Individuals Filing Under Chapter 7
121 Your Statement About Your Social Security Numbers
122A-1 or 122A-1Supp Chapter 7 Statement of Your Current Monthly Income or Statement of Exemption from Presumption of Abuse Under §707(b)(2)
2010 Notice Required by 11 U.S.C. §342(b) for Individuals Filing for Bankruptcy (the notice must be provided to filer but the local court determines whether it must be filed with the other bankruptcy forms)
Creditor Matrix or List: You’ll provide a mailing label list of your creditors using a format determined by your local bankruptcy court. The “Local Chapter 7 Bankruptcy Forms” section below explains how to find this requirement.
423 Certification About a Financial Management Course (you'll use this bankruptcy form if the debtor education course provider doesn’t file your certificate for you)
These forms don’t apply in every case. You’ll likely need one if:
If you're unsure how to use the forms, a qualified bankruptcy lawyer's advice can be invaluable. For instance, did you know that married spouses who live separately have an easier time qualifying for Chapter 7? If not, you probably need a bankruptcy lawyer to explain how your bankruptcy form disclosures will impact your case.
Find out your options when you can't afford a Chapter 7 bankruptcy lawyer.
101A Initial Statement About an Eviction Judgment Against You
101B Statement About Payment of an Eviction Judgment Against You
103A Application for Individuals to Pay the Filing Fee in Installments
103B Application to Have Chapter 7 Filing Fee Waived
106J-2 Schedule J-2: Expenses for Separate Household of Debtor 2 (use if you and your spouse live in different places)
119 Bankruptcy Petition Preparer’s Notice, Declaration and Signature
2030 Disclosure of Compensation of Attorney for Debtor
122A-1Supp Statement of Exemption from Presumption of Abuse (use if you qualify for a means test exception)
122A-2 Chapter 7 Means Test Calculation (use if your gross income exceeds the allowed amount)
We don’t list the local forms your local bankruptcy court could require in addition to the list of creditors here because they vary widely. You can learn more about your local bankruptcy court’s requirements by checking the local rules on the bankruptcy court’s website or calling the court clerk.
If you’re unsure how to find your local court’s information, try using the Federal Court Finder. If you’d like more information about finding local bankruptcy forms, see How to Get and File the Bankruptcy Forms.
Many people find it challenging to file for bankruptcy without an attorney unless they have a straightforward case. If you have any questions, consider consulting with a bankruptcy lawyer. Many offer a free initial consultation.
Learn more about completing the bankruptcy forms and filing for bankruptcy.
Did you know Nolo has been making the law easy for over fifty years? It’s true—and we want to make sure 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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Updated September 28, 2022
]]>The complete forms package is known as the “bankruptcy petition” and consists of a “voluntary petition,” financial “schedules,” a course completion certification, and more.
You’ll notice the bankruptcy court lists all the bankruptcy forms on a single page without organizing them by bankruptcy chapter. Here’s where you’ll find listings of the forms you’ll need in Chapter 7 bankruptcy and the forms you’ll use in Chapter 13 bankruptcy.
In addition to the official forms that every bankruptcy court uses, your local bankruptcy court might require you to file local forms. Your local bankruptcy court might also have special requirements or rules for filing your petition.
You can get local bankruptcy form information from the bankruptcy court clerk, a bankruptcy attorney near you, or your local bankruptcy court’s website. Many courts provide guidelines on the navigation bar under "Forms" or "Filing Without an Attorney."
Use the Federal Court Finder tool to find your local bankruptcy court’s website or location.
If a bankruptcy lawyer represents you, your attorney will prepare the bankruptcy petition for your review and signature before filing it electronically with the court.
If you represent yourself, you should contact your local bankruptcy court for filing instructions or consult the court’s website. You might need to file the bankruptcy forms in person, by mail, or through a court dropbox. Also, some courts have a pilot project that allows debtors to file electronically. More courts might be adding this feature in the future.
You’ll also want to find out how many copies you’ll need to file along with the original, the order the forms should be in, and other requirements, such as whether you should staple, hole-punch, or paperclip your documents, and if you'll need to include a stamped, self-addressed return envelope.
Federal bankruptcy courts are all over the country and divided into judicial districts. Every state has at least one judicial district but most have more. You can file in either:
You might have additional filing options if you own a business or have substantial assets somewhere other than where you live. In both situations, you'll want to consult with a local bankruptcy attorney.
For specific information about bankruptcy filing and procedure, see Bankruptcy Information for Your State.
Did you know Nolo has been making the law easy for over fifty years? It’s true—and we want to make sure 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.
]]>While many people worry that they won’t get to keep any of their property when they file bankruptcy, this isn’t true. The law allows you to retain property needed to live and work.
Each state has a set of exemption laws you can use to protect your property. Some states, however, allow you to choose between the state exemptions and the federal exemption scheme.
To learn more about how exemptions work, which property is exempt, and what exemptions you can use, see Bankruptcy Exemptions Overview.
You can find the most recent version of Schedule C on the U.S. Court’s website. Here’s the information you’ll need to provide:
Exemption system you’re using. In the first section, you have to check one of two boxes. Your choice tells the court whether you will use the federal exemption system (11 U.S.C. § 522(b)(2)) or your state exemption system (11 U.S.C. § 522(b)(3)). However, not every state allows you to choose between the federal and state systems. Most require you to use the state exemptions. Because of residency requirements, some filers won’t qualify to use any state’s system. If that happens, you can use the federal exemptions.
Description of property. In the first column of Schedule C, you must describe each item of property or each asset you are claiming as either fully or partially exempt (it will only be partially exempt if the value exceeds the exemption amount). Use the same property description you used in Schedule A/B.
Schedule A/B line number. Check Schedule A/B and find the line where you originally listed the property. In the first column, insert that line number where it says “Line from Schedule A/B.” This helps prevent confusion about the particular property you’re exempting.
Current value of the portion you own. In the second column of Schedule C, you’ll enter the current replacement value of the portion you own and are claiming as exempt. If you’re the only owner, you’ll write down the entire value. If you and someone else own the property on a 50/50 basis, you’ll declare half of the value. Use the information you already provided on Schedule A/B to keep the figures consistent. Also, make sure it matches the value on Schedule D: Creditors Who Have Claims Secured by Property, if applicable. For more information, read How to Fill Out Bankruptcy Forms.
Amount of exemption you claim. In the third column, you have two choices. If your exemption schedule only allows you to exempt a certain dollar amount, check the first box and insert that number. If, however, the exemption statute allows you to exempt an unlimited dollar amount, check the second box, “100% of fair market value, up to the applicable statutory limit.”
Specific laws that allow the exemption. In the fourth column of Schedule C, you’ll provide the statutory citation (the code number for the law that allows for the exemption) that gives you the legal right to exempt that item. If you aren’t sure about this, you should consult with legal counsel. Find out more about state bankruptcy exemptions.
Claiming a homestead exemption more than $189,050. If you are not using state exemptions that provide a homestead exemption greater than $189,050, check no. Check yes if you are using state exemptions that provide a homestead exemption greater than $189,050 (you’re only likely to do this if you have more than $189,050 of equity in your home). Check yes again if you acquired the property within 1,215 days of filing the petition. In certain situations, your homestead exemption may be capped at $189,050. (The amount is found in 11 U.S.C. § 522(p) and is current for cases filed between April 1, 2022, and March 31, 2025.)
Did you know Nolo has been making the law easy for over fifty years? It’s true—and we want to make sure 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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Updated April 7, 2022
]]>The documents you’ll need are the same whether you are filing a Chapter 7 bankruptcy or Chapter 13 matter, with slight variations. However, for exact documentation requirements, be sure to check the guidelines provided by your district and your specific bankruptcy trustee. Not only do some trustees require more proof than others, but the particular evidence you'll have to produce will also be determined by the facts of your case.
Below are the most commonly required documents in bankruptcy.
You’ll usually need to provide copies of your tax returns or tax transcripts for the last two years in a Chapter 7 case, and four years in a Chapter 13 matter. If you have unfiled returns because you weren’t required to file—for instance, your only income source was nontaxable disability benefits—you’ll need to explain why. A short letter of explanation will usually work.
If you merely failed to file, you can expect the trustee to require you to do so and provide copies before concluding or approving your case—especially in a Chapter 13 case.
If you’re an employee, you’ll need copies of pay stubs for the six-month period before the bankruptcy and your last two W-2s. You’ll also need proof of other income sources such as Social Security funds, disability, or rental properties.
If you’re self-employed and filing for bankruptcy, you’ll probably need to provide a year-to-date profit and loss statement, as well as for the two full years before filing. Also be prepared to present business bank statements to verify the profit and loss amounts.
If you own real estate, you’ll likely need to provide proof of the property’s fair market value. You might choose an online valuation, a broker’s price opinion, or a full appraisal, depending on the potential amount of equity or the guidelines of your district.
Also, plan to provide mortgage statements showing current loan balances and payment amounts. Some trustees also require the deed of trust and proof of home insurance.
If you have a car, you'll need to provide proof of its value. Most trustees will accept an online printout from nada.com or kbb.com.
If you have a car loan, you’ll need a recent loan statement showing how much you owe and what your monthly payment is to prepare your paperwork. You might need to produce it along with copies of your registration and proof of insurance, depending on the particular trustee.
Recent bank and retirement account statements must be provided to the bankruptcy trustee for all accounts.
When you go to your hearing with the trustee, you will be asked to show valid photo identification such as a driver’s license and proof of your social security number.
If you have other circumstances affecting your bankruptcy, such as being required to pay alimony, child support, or another unusual expense, you’ll need to show proof of these costs. For instance, it’s common to provide a copy of a child support order. If you’ve divorced recently, you might need to produce an order or marital settlement agreement documenting a property distribution.
Most of the information you’ll need to fill out your bankruptcy paperwork will be in those documents, including asset value and income information. For example, you’ll use the income documentation to calculate your average monthly income. Similarly, you’ll look to your real estate and car documentation to fill in the parts regarding the value of these assets, your lenders, and monthly loan payments.
However, you’ll need to gather more information to fill out the rest of your bankruptcy petition, including creditor, co-debtor, expense, and pending lawsuit information. Start by finding loan statements or bills so that you can list each of your creditors in the bankruptcy. Alternatively, you can obtain a credit report that shows all your debts; however, be aware that you’re required to list the creditor’s billing address, and that address rarely shows up on your credit report. So it’s best to use the credit report as a tool to verify that you’ve listed all of your debts only.
You should also look at your utility bills and other expenses to determine accurate figures for your monthly utilities and expenses, such as food, dry cleaning, and transportation to name a few. Usually, you won’t be required to send these documents to the trustee (unless your expenses are higher than usual, in which case you might trigger a bankruptcy audit).
In addition to the documents above, the law requires that you complete a credit counseling class and obtain a certificate before you can file for bankruptcy. These courses can usually be completed online in under a couple of hours.
(To learn more about this requirement, see Credit Counseling & Debtor Education Requirements in Bankruptcy.)
]]>Although this seems simple, you can hold property in different ways, including:
In this article, you’ll find the definition of the most common types of property ownership, a well as other terms you’ll need to know if you’re considering bankruptcy.
When you’re filling out your bankruptcy forms, you’ll need to describe all real estate that you own on Schedule A/B: Property of the official bankruptcy forms. You’ll be asked to include:
It’s the last point that stumps many people. Even though you don’t have to fill in the ownership interest portion, it’s always good to be complete.
Here are some common ways to own real estate.
Most people will use one of the terms mentioned above to describe their real estate ownership interest. But, other situations can exist. Here are some terms that you’re not likely to need, but, depending on your circumstances, you just might.
You’ll find more useful bankruptcy terms in When Is a Bankruptcy Claim Contingent, Unliquidated, or Disputed?
]]>(You can learn about other official forms by reading Completing the Bankruptcy Forms.)
All of it. The bankruptcy court wants a complete picture of your financial situation, including the value of everything you own. You’ll satisfy this requirement by listing your property on this schedule under the following broad categories:
Within these categories are questions about 45 different types of property, so forgetting to list property shouldn’t be an issue—which, of course, is what the court is trying to prevent. When in doubt, list it.
This type of property is often called real property—land and things permanently attached to land—and it includes more than just a house. For example, you’ll also list unimproved land, vacation cabins, condominiums, duplexes, rental property, business property, mobile home park spaces, agricultural land, airplane hangars, and any other buildings permanently attached to land.
In this section, you’ll include the following information:
(Most states allow you to protect some equity in a residential home. Find out more in The Homestead Exemption in Bankruptcy.)
Almost everyone has a car or two. Here, the “vehicles” category includes more than just the car you drive to work. If you own something that has a motor and can transport you somewhere—whether it be by road, water, or air—you list it here. This includes cars, vans, trucks, tractors, sport utility vehicles, motorcycles, watercraft—such as boats and jet skis – aircraft, motorhomes, snowmobiles, ATV’s, and recreational vehicles. It also includes all accessories you use along with these vehicles, such as trailers and motorcycle sidecars.
You’ll describe each vehicle by including the following information:
(Learn how to protect your vehicle by reading The Motor Vehicle Exemption in Bankruptcy.)
These are the items you use in your home every day. Again, the court wants to know about all of them. Below are examples of typical household goods and furnishings organized by the rooms in your home.
Additionally, you’re asked to disclose information about the electronics, sports and hobby equipment, firearms, clothes, jewelry, pets, and other items you own.
In this section, you’ll list all of your financial assets, including the asset’s value and location. Here are the categories outlined in the form:
If you own a business, the court wants to know about the business property. If your business is service-oriented, such as an accounting practice, you might only have office equipment and accounts receivable to disclose. A plumber, however, might also have plumbing tools and trucks. If you sell products in a storefront, such as a pet store, you’ll also list all of your inventory. It is more likely that you’ll list business property if you are a sole proprietor or a part of a partnership since you retain personal interest in the property, as opposed to owning shares of a corporation. In that case, the corporation retains the ownership interest in its property and you don't list it on this schedule.
If you own a farm or a commercial fishing operation, you’ll list all business-related property in this special section.
If your property doesn’t fall into one of the above categories, you’ll list it towards the end of the form.
At the bottom of Schedule A/B, provide the total value of all of your property.
You can find the most recent version of Schedule A/B on the U.S. Court’s website. To learn more about getting the official and other forms, see The Bankruptcy Forms: Getting Started.
This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire bankruptcy process, learn about the applicable federal and state laws, and determine how those laws will affect your particular situation before you complete the bankruptcy forms. If you want to file bankruptcy without a lawyer, use a good do-it-yourself book like Nolo's How to File for Chapter 7 Bankruptcy by Attorney Cara O’Neill and Albin Renauer, J.D., to ensure you make well-informed decisions about your bankruptcy case.
]]>Read on to learn about the second class, a personal financial management course known by several names, including the debtor education course, the “second” course, and the post-filing course.
Before you file for bankruptcy, most people must take a credit counseling course that helps you explore alternatives to bankruptcy. If filing for bankruptcy still makes sense to you after completing the course, you’ll include the certificate of completion with your filing paperwork. (For more information, see The Pre-Bankruptcy Credit Counseling Requirement.)
The debtor education course is different. It’s a financial management course that you take after you’ve filed for bankruptcy but before you get a discharge. The debtor education course teaches you strategies that will help you stay financially healthy after your bankruptcy.
You’ll take the course from an agency approved by the Office of the U.S. Trustee. Unlike the agencies approved to provide pre-bankruptcy credit counseling, the agencies providing debtor education courses don’t have to be a nonprofit organization. However, you must be allowed to pay on a sliding scale if you can’t afford to pay the full price. You can take the course in a variety of ways, depending on the provider.
You can find approved agencies in your area by visiting the U.S. Trustee’s website. Select “Credit Counseling & Debtor Education” in the left navbar.
After you take the course, you’ll file Official Form 423 Certification About a Financial Management Course. On it, you’ll certify that you have taken the course. You must also file a certificate of completion from the debtor education agency. In some cases, the agency will file the certificate for you.
In Chapter 7 bankruptcy, you must file Form 423 and the certificate no later than 45 days after the date on which your meeting of creditors was first scheduled. Don’t miss the deadline. If you do, the court might close your case. If that happens, you’ll have to reopen your case and repay the entire filing fee.
In Chapter 13 bankruptcy, you must file Form 423 and the certificate no later than the date on which you make your last plan payment. You can take the course early on in your case, however, and some attorneys recommend this because the course provides information that may help you budget and complete your plan.
To learn about other requirements and procedures in bankruptcy, see Bankruptcy Procedures.
After you take the course, you must file Official Form 423 Certification About a Financial Management Course. On it, you’ll certify that you have taken the course. You must also file a certificate of completion from the debtor education agency.
In Chapter 7 bankruptcy, you must file Form 423 and the certificate no later than 45 days after the date on which your meeting of creditors was first scheduled. Don’t miss the deadline. If you do, the court might close your case. If that happens, you’ll have to reopen your case and repay the entire filing fee.
In Chapter 13 bankruptcy, you must file Form 423 and the certificate no later than the date on which you make your last plan payment. You can take the course early on in your case, however, and some attorneys recommend this because the course provides information that may help you budget and successfully complete your plan.
To learn about other requirements and procedures in bankruptcy, see our Bankruptcy Filing & Procedures area.
]]>You can download a fillable copy of Schedule E/F, and other bankruptcy forms, from the U.S. Court’s website.
The instructions at the beginning of the form assume you understand terms such as priority claims and executory contracts. Keep reading for helpful definitions.
A creditor’s debt is unsecured if there is no item of property (for instance, your house or car) serving as collateral for the payment of the debt. If you fail to make payment on unsecured debt, the creditor cannot take your property without first suing you and getting a court judgment. (There are a few exceptions to this rule.)
Congress has decided that some debts, called “priority claims,” deserve to be paid before others. Here are some common examples:
In Chapter 7, priority creditors get paid first out of your nonexempt property (property that you can’t protect with a bankruptcy exemption) if you have any.
In Chapter 13, these creditors (except child support claims assigned to a government agency) must be paid in full through your three- to five-year repayment plan.
Both executory contracts and leases involve ongoing contracts in which something is still to be performed. Common examples are a car lease, gym membership or cell phone contract.
If you’re not sure about your debt type, consult with an attorney. Improperly listing a debt could jeopardize its dischargeability (prevent it from being wiped out).
You’ll need to include your unsecured creditors in the following order when you fill out this form (secured creditors go on Schedule D: Creditors Who Hold Claims Secured By Property):
You’ll want to include anyone who holds a lease or unexpired executory contract that you’re indebted to, as well as any codebtors and cosigners. Doing so will help ensure that qualified debts owed to these parties will get wiped out, too.
If you don’t have any priority creditors, you’ll check the “No” box and move to Part 2. If you have priority creditors, you’ll check “Yes” and continue with this section. You’ll provide information organized into five columns.
First column. You’re asked for the following by filling in information or checking a box:
Second column. Again, you’ll insert information or check the appropriate box as follows:
Third column. Generally, you’ll list the amount it would take to pay off the debt in full. Don’t include partially secured creditors that you listed on Schedule D.
Fourth column. You’ll list the amount of the priority claim here.
Fifth column. For some priority claims, there’s a maximum amount that is entitled to priority (for current amounts, see What Is a Priority Claim in Bankruptcy?). If the claim is for more than the maximum, only list the maximum in the fourth column, “Priority Amount.” List the remaining nonpriority amount in this column.
You’ll list all other creditors in Part 2 by following the instructions provided above. The only difference is that you’ll be asked if the debt is a student loan, a family law obligation that you didn’t report in the priority claims section, or a debt to a pension or profit-sharing debt. If the debt is something else, explain what it is—such as credit card charges, medical treatment, or vet bills—in the “Other” section.
Collection agencies need to know you’ve filed bankruptcy so they’ll stop harassing you. You’ll list them here. You’ll also list anyone who is in an executory contract or unexpired lease with you, such as your cable company. Anyone else that might need notice is also listed here.
In the last section, you’ll tally up all of your debts and insert the totals into the appropriate claim categories. The last thing you’ll do is to add all the figures together and insert the total on the last line.
This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire bankruptcy process, learn about the applicable federal and state laws, and determine how those laws will affect your particular situation before you complete the bankruptcy forms. If you want to file without a lawyer, use a good do-it-yourself book like How to File for Chapter 7 Bankruptcy by Attorney Cara O’Neill and Albin Renauer, J.D. to ensure you make well-informed decisions about your bankruptcy case.
Updated: July 24, 2018
]]>If you’re like most people, you want to know what happens to the car or house you’re making payments on when you file bankruptcy. As long as you continue making your payments (and you can afford to), then you can keep your property. The Statement of Intention for Individuals Filing Under Chapter 7 tells your creditor whether you plan to keep your lease, or if you’re buying property, whether you want to surrender it, buy it from the creditor, or pursue other options for keeping it.
You can find the most recent version of the Statement of Intention for Individuals Filing Under Chapter 7 on the U.S. Court’s website at www.uscourts.gov/forms/bankruptcy-forms. (To learn more about getting this and other forms, see The Bankruptcy Forms: Getting Started.)
Before you fill out the form, you’ll need to understand what certain terms mean. Keep reading for a brief explanation of your options.
Letting the property go, or “surrendering the property,” is the simplest option. You just give the property back to the creditor. This is a good option if you don’t need the property; if you can’t afford the payment; or the property is worth less than you owe. In most cases, your bankruptcy discharge will wipe out your personal liability for the debt, and the creditor will have its property back.
The reason bankruptcy works is because it dissolves all of your contracts with your creditors so that you’re no longer responsible for the debt. Sometimes you need the property, however, such as the car you drive to work. You can often keep it by agreeing to enter into a new contract with the creditor, called “reaffirming” the debt.
You can stick to the original terms or negotiate new, more advantageous terms. If you decide to reaffirm, you must file the reaffirmation agreement with the court and attend a hearing, where the judge will decide whether the agreement is in your best interests. To prevent losing this option, this must be done before your case is over.
Some creditors will allow you to keep the property without reaffirming or redeeming, as long as you remain current on your payments. The creditor would still have the right to repossess at any time, though often the creditor accepts the payments and turns over the vehicle’s title once the debt is paid. Because no contract exists between you and the creditor, however, your payments aren’t reported to credit bureaus. The problem here is that timely payments won’t help rebuild your credit.
To redeem the property, you buy it back from the creditor. To do this, you must pay either what you still owe on the debt or the replacement value of the property, whichever is less. Since the payment must be in a lump sum, this is a rarely used option since most people filing bankruptcy don’t have large amounts of money available to them. This approach can’t be used for business property, real estate, or intangible property (such as intellectual property) and requires you to file a motion with the court.
To learn more about these options, see Your Debts in Chapter 7 Bankruptcy.
At the top of this three-part form are detailed instructions that are self-explanatory once you understand the terms discussed above. In Part 1 you tell the court what you want to do with the property you’re buying (secured property). In Part 2 you declare whether you want to keep your lease. Part 3 is where you sign and date the form.
In Part 1, provide information about the property you’re buying as follows:
In Part 2, you’ll provide information about your personal property leases (do not include leases for real property, such as a leased home or apartment):
Sign and date the form.
You must file this form with the court and deliver it to either your creditor or whoever holds your lease within 30 days of filing your bankruptcy or by the first date set for your meeting of creditors, whichever comes first. If you don’t do this on time, you may lose your personal property (anything other than real estate, such as a home) after that period expires and the creditor regains the right to repossess it.
This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire bankruptcy process, learn about the applicable federal and state laws, and determine how those laws will affect your particular situation before you complete the bankruptcy forms. If you want to file bankruptcy without a lawyer, use a good do-it-yourself book like Nolo's How to File for Chapter 7 Bankruptcy to ensure you make well-informed decisions about your bankruptcy case.
]]>There can be serious consequences if you leave a creditor off of the matrix. The bankruptcy court uses the mailing matrix to notify your creditors when you file your bankruptcy case and when other actions take place in your matter.
Specifically, when you file for bankruptcy, you have to provide the court with a lot of financial information on official bankruptcy forms, including the names and addresses of your creditors. You’ll also list all of those creditors in a document called the mailing matrix or the mailing list.
To learn more about the information you’ll provide the court, read How to Fill Out Bankruptcy Forms.
Your key obligation when filing for bankruptcy is to be sure to provide complete information to the bankruptcy court. Here’s what could happen if you leave a creditor off of the mailing matrix:
In a Chapter 13 case, you must disclose all of your creditors so that the court, the trustee, and other creditors can determine whether you’re paying the amount you’re required to pay. In a Chapter 13 repayment plan case, you could be forced to dismiss your case and refile it if the overlooked creditor is one whose claim must be paid in full through the plan, like past-due child support and income taxes.
In a Chapter 7 case, whether you can exempt (protect) all of your property will likely determine what will happen.
Contact your attorney right away. You are under an obligation to disclose any information material to the bankruptcy case even if you don’t discover it until after the case is closed.
Your attorney can help you file an amended mailing matrix and notify the creditor. The court will charge a small fee for the amendment if the case is already open. If the case is closed, you might still be able to add the creditor, but you’ll have to petition the court to reopen the case, and you’ll have to pay a much higher fee. Also, adding the creditor late in the case does not guarantee that the debt will be discharged.
]]>Almost all states let residents who file for bankruptcy protect some amount of equity using a homestead exemption. However, the extent of that protection varies.
In some states, such as Florida, the entire homestead is protected regardless of value. Iowa and Texas have liberal exemption statutes, as well. By contrast, in other states, such as Kentucky, the homestead protection can be as little as $5,000. Alabama’s homestead exemption is $15,000 (as of September 2017—these amounts change periodically).
(Find out more in Bankruptcy Exemptions by State.)
To determine whether you’ll be able to protect your home, you’ll need an accurate home valuation. Next, you’ll deduct the mortgage balance and determine the equity. If the equity is less than the amount of the homestead protection available, your house will be protected in bankruptcy.
When you can’t protect all of your equity, what happens next depends on the bankruptcy chapter you file:
(To learn more, see Your Home and Mortgage in Chapter 13 Bankruptcy and Your Home in Chapter 7 Bankruptcy.)
When you fill out the bankruptcy forms, you’ll be asked to provide the “current value” of your home on the date that you file for bankruptcy. Another term for current value is “fair market value,” which is the amount that a seller who isn’t pressured to make a purchase would agree to pay for the home.
You can use different ways to determine the value of your home before you file for bankruptcy. The most important thing to keep in mind, however, is that your valuation isn’t the deciding factor. The bankruptcy trustee appointed to oversee your case will also be determining the value of your home, as well. If there’s a disagreement, a bankruptcy judge will review the basis for both valuations and make a final decision.
A full appraisal will give you the most accurate value for your property. If you refinanced your home or modified your loan, you might have a recent appraisal. What is considered a recent appraisal will depend on current housing climate.
To get a full appraisal, you hire a licensed real estate appraiser who inspects your property and prepares a lengthy report, containing information on your home and information on sales of comparable homes. Based on that information and any other factors the appraiser finds necessary, the appraiser will set a value and explain the valuation.
A full appraisal is the most expensive option. It isn’t needed in most routine bankruptcy cases. They are necessary, however, if you plan to try to strip the second mortgage on your property in a Chapter 13 bankruptcy. (See Getting Rid of Second Mortgages in Chapter 13.)
This is less expensive than a full appraisal and might provide you with an accurate home valuation when preparing your bankruptcy paperwork. Under this option, a licensed realtor will compare your house to other homes sold in your area. A market analysis will use data from the sales of homes that are located close to yours and are similar in size, style, and condition.
These might be useful if you have a high mortgage amount and you believe that the homestead protection to you will be more than sufficient to protect your property. The information you can obtain might provide you with confirmation of your understanding of your home’s value. If not, you can get a more formal valuation, if necessary.
Realtor.com and Trulia.com are two places to start. Your local trustee will likely prefer a particular site (and view others with more skepticism). It might be useful to contact the local branch of the U.S. Trustee’s office for clarification.
There are some valuation methods which are not reliable for bankruptcy purposes and should not be used.
Your locality may have a property tax appraiser that values your property for real estate tax purposes. These valuations are rarely utilized in a bankruptcy proceeding. The property tax appraiser will often use methods that are not acceptable appraisal methods for sale purposes and often the value is not an accurate representation of the market value of the home.
This valuation method which produces a lower value based on a need to dispose of property quickly is not readily applicable to real estate. A bankruptcy trustee will sell a house the same way a homeowner would—by hiring a real estate broker to market the property. As a result, a "quick sale" value is not helpful to you when you are considering bankruptcy. Also, if you rely on an artificially deflated value, you might incorrectly assume you can keep your home. It’s important to get it right because many Chapter 7 bankruptcy judges won’t let you dismiss your case just because it turns out that you’ll lose property that you thought you’d be able to keep.
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