In our last blog post, we discussed how to fill out bankruptcy forms. Because filling out these forms can be complicated and can be a long process, we’re continuing to provide instructions and tips in this post. If you need help filing for bankruptcy and you need a qualified and helpful bankruptcy attorney in or around Greenville, Morehead City, or Rocky Mount, NC, look no further! Contact any of our offices at Craft Law; we can’t wait to work with you. We strive to make filing for bankruptcy a less frustrating process for you and your loved ones so that you can be well on your way to financial security.
All of our bankruptcy lawyers can help you fill out the paperwork to file for bankruptcy, but here’s more information to help get you started:
Your Contracts and Leases
If you’re in a contract that hasn’t expired yet—for instance, you have a gym membership or an equipment rental agreement—then you likely have an executory contract or lease that must be included on Schedule G: Executory Contracts and Unexpired Leases.
You’ll list any codebtors—individuals who must pay your debt if you fail to do so—on Schedule H: Your Codebtors. Common codebtors include car loan cosigners and joint credit card holders.
Schedule I: Your Income is where you disclose your income and employment information. If you’re married but filing for bankruptcy without your spouse, you’ll include your spouse’s income unless you’re separated (but check with a bankruptcy attorney to be sure—this is a complicated area).
On Schedule J: Your Expenses, you’ll list your monthly expenditures. Your expenses will be deducted from the Schedule I net income amount to determine your monthly disposable income.
Your Financial Affairs
You’ll tell the court about your prior financial situation and transactions on the Statement of Financial Affairs for Individuals Filing for Bankruptcy form. For instance, you’ll disclose:
- your gross income for the last two full years (as well as the year-to-date amount)
- recent payments to creditors
- active lawsuits
- safe deposit boxes and storage spaces
- prior foreclosures and repossessions
- property transfers
- property you’re borrowing or holding for someone else
- bank account closures, and
- business information.
Your Social Security Number
You’ll provide your Social Security number on the Statement About Your Social Security Numbers form (it won’t be available to the public).
Your Financial Summary
You’ll tell the court about your assets, debt, income, and expenses, and your debt type by transferring totals from your other schedules to the Summary of Your Assets and Liabilities and Certain Statistical Information form.
You’ll attest to the accuracy of the information provided in your forms on the Declaration About an Individual Debtor’s Schedules form. Be aware that knowingly providing incorrect information or failing to make a full disclosure is punishable by penalties of up to $250,000, 20 years in prison, or both.
Keep in mind, however, that your bankruptcy forms don’t explain what will happen in your case. Before filing, you should understand the law, including whether you’ll be able to protect your property. You’ll also want to know whether your debts will qualify for a discharge – the order that wipes out your obligations. If you’re unsure, always consult with a bankruptcy attorney.
Again, if you are looking for an excellent bankruptcy attorney in or around Greenville, Morehead City, or Rocky Mount, NC, you won’t be disappointed with the qualified bankruptcy lawyers at Craft Law Offices! Contact any of our offices at Craft Law; we can’t wait to work with you.