What Documents Are Required For Chapter 11 Bankruptcy?
A traditional Chapter 11 bankruptcy case requires the debtor to provide many different kinds of documents and materials with their bankruptcy case, which will need to be in addition to the petition for bankruptcy. The specific documents and materials that you will need to submit will depend upon whether you are a business filing for Chapter 11 bankruptcy, or you are an individual or married couple filing for Chapter 11 bankruptcy. Although Chapter 11 bankruptcy is most commonly used by business debtors, it can also be used by individuals who want to file for reorganization bankruptcy but do not qualify for Chapter 13 bankruptcy. To ensure that you provide all required filings and documents, you should always work with a bankruptcy lawyer on your case. In the meantime, a West Palm Beach bankruptcy attorney at our firm can provide you with more information about the types of documents and materials that must be included in your Chapter 11 case.
Required Documents for a Business Chapter 11 Bankruptcy
When a business files a voluntary petition for Chapter 11 bankruptcy, the business debtor will need to provide specific information in the petition, including but not limited to:
- Debtor’s name and residence or business address;
- Tax identification or Social Security number;
- Location of principal assets for a business debtor;
- Reorganization plan or intention to file a reorganization plan; and
- Request for relief.
Along with the initial petition, a business debtor also must file the following documents:
- Schedules of assets and liabilities;
- Schedule of current income and expenditures;
- Schedule of executory contracts and unexpired leases; and
- Statement of financial affairs.
After the initial Chapter 11 filing, businesses also generally must file a disclosure statement with the court, along with the reorganization plan. The disclosure statement is a particular document for Chapter 11 bankruptcy that requires the business debtor to provide information about its assets and liabilities, as well as details about its business, so that creditors can assess the proposed plan of reorganization. It is important to know that small business debtors who plan to file under Subchapter V of Chapter 11 will not need to submit a disclosure statement.
Documents for Individual Debtors in Chapter 11 Cases
When an individual files a petition for Chapter 11 bankruptcy, in addition to the documents cited above for business debtors (i.e., the schedules of assets and liability, schedule of current income and expenditures, schedule of executory contracts and unexpired leases, and statement of financial affairs), individuals must file additional documents. To be clear, in addition to those schedules and statements, an individual who files for Chapter 11 must also file the following documents:
- Certificate of credit counseling;
- Copy of debt repayment plan developed through credit counseling (where applicable);
- Evidence of income from their employer for the 60 days prior to filing for bankruptcy;
- Statement of monthly net income and anticipated increases in income or expenses following the bankruptcy filing; and
- Record of interest, where applicable, in either federal or state qualified tuition accounts.
Contact a Chapter 11 Bankruptcy Lawyer in West Palm Beach
Anyone who has questions about the required documents in a Chapter 11 bankruptcy case should seek advice from the West Palm Beach bankruptcy attorneys at Kelley Kaplan & Eller today.