What to do after deciding to file for Chapter 7 bankruptcy

Deciding to file for Chapter 7 bankruptcy is a huge step to take. However, there is still much work to be done even after this is made. In particular, there is a lot of paperwork involved. All Chapter 7 bankruptcy filers will need to keep an eye on these papers and requirements..

The United States Bankruptcy Courts states that even a petition for Chapter 7 bankruptcy needs to be accompanied by a number of required documents, papers and records. For example, the person filing for bankruptcy has to show a completed list of every property they own, where they get their income and how much they earn, a list of their creditors and claims, and a list of their living expenses. Living expenses must be documented by the month and need to include everything that money is spent on, such as:

  •          Food
  •          Utilities
  •          Clothing
  •          Transportation
  •          Medicine
  •          Taxes

These expenses will all be used to help tailor the bankruptcy to whoever is filing for it.

Tennessee’s Bankruptcy Court also has a list of the documents and paperwork that will be required for bankruptcy filing. Anyone who is filing for Chapter 7 bankruptcy will need forms like the B8 Chapter 7 Individual Debtor’s Statement of Intention, the B6 Summary, and the B1 Voluntary Petition. Schedule sheets will also be necessary in addition to the lists already included, such as the list of living expenses or income. In order for bankruptcy to actually help a person out, their finances have to be tracked as accurately as possible.

This may initially seem like a lot of work, or it may be confusing to some people. However, once the paperwork is filed, it is a relatively straightforward process that the bankruptcy filer will likely be able to see their way through.

 

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