Make Sure You Understand Chapter 7 Bankruptcy Forms Before Filing
As liquidation of a person's assets or dissolution of a whole company is a legal process that involves a formal petition, there are without a doubt Chapter 7 bankruptcy forms to be filled out in the act of applying. Of course, the request itself that must be received by the courts in instances of voluntary liquidation/dissolution is one of these Chapter 7 forms. In fact, there will be several Chapter 7 bankruptcy forms that are required to be completed before the process can begin and applicants can receive relief from the pressures of debt.
In their specificity, these Chapter 7 forms cover a number of different administrative functions in readying all parties for bankruptcy court. The following is a list of some Chapter 7 bankruptcy forms that will be needed from start to finish:
As noted, there is the matter of the petition in itself. Applicants must file petitions for declaring Chapter 7 bankruptcy with the bankruptcy court. Chapter 7 bankruptcy is an option for business owners and private individuals alike. In the case of the latter, some might request a liquidation of their assets even when the primary source of their expenses are consumer-based. Under these circumstances, additional Chapter 7 bankruptcy forms will likely have to be provided by those contemplating this course of action.
Among the Chapter 7 forms to be asked of petitioning parties are evidence of any recent payments received from employers, accounts of loans and other financial arrangements reached with educational and financial institutions, and a record of credit counseling in which repayment of debts was discussed.
Beyond the aforementioned Chapter 7 bankruptcy forms associated with the overall Official Bankruptcy Form Petition, there are other special considerations that must not be overlooked. While this much may largely not apply to younger applicants, a printed schedule of all exempt properties is necessary.
NEXT: Understanding the Purpose and Usage of Chapter 7
