What Goes Into a Bankruptcy Petition?

Whether you are considering a business bankruptcy filing for your company or a personal bankruptcy case, it is important to understand what information you will need to get started and what will need to go into your bankruptcy petition.

A bankruptcy petition is the form you will initially file with the court to initiate your bankruptcy case. Depending on the type of bankruptcy you are filing for, you will also need to submit other supporting documents and materials, including certain forms. In general, there are four types of bankruptcy petitions, including two types of voluntary petitions and two types of involuntary petitions (the latter for when creditors force a bankruptcy filing). For you or for your business, you will be filing either a voluntary petition for individuals (if you are filing a personal bankruptcy case as an individual or jointly as a married couple), or a voluntary petition for non-individuals (if your business will be filing).

Information Included in the Bankruptcy Petition

While petition information will be slightly different depending on whether an individual or non-individual (i.e., business) petition is being filed, the following is the general information that you should expect will need to be included in the voluntary bankruptcy petition filed by you or your business:

• Debtor’s name (or business name);
• Social security number (SSN) or tax identification number (TIN);
• Residence or business address;
• Whether the debt is primarily consumer debt or business debt;
• Information about non-exempt assets (for an individual filing Chapter 7);
• Location of the business’s principal assets (for a business filer);
• Whether any bankruptcy cases are currently pending;
• Value estimates of debts and assets;
• Basic creditor information;
• Debtor’s plan or intention to file a plan (for a reorganization bankruptcy); and
• Request for relief under the relevant section of the US Bankruptcy Code (e.g., Chapter 7, Chapter 11, Subchapter V of Chapter 11, or Chapter 13).

Materials in Addition to the Bankruptcy Petition

In addition to the actual bankruptcy petition, a voluntary petition also requires additional documentation and materials, depending on the type of bankruptcy and whether the filer is an individual or a business entity.

The specific forms may require: specific and accurate information about debts or liabilities, assets, exemptions (for individuals), schedules of income and expenditures, creditors, schedule of executory contracts and unexpired leases, and more. To determine which specific forms or schedules must be filed, along with other required documentation that must be supplied to the court, you should seek legal advice.

Contact Our West Palm Beach Bankruptcy Attorneys Today for Assistance with Your Bankruptcy Petition

Are you considering a bankruptcy filing for yourself or your business, but you are unsure about what will need to go into the petition and what types of documents you will need to submit to the court? Our experienced West Palm Beach bankruptcy lawyer at Kelley Kaplan Delaney & Eller, PLLC can speak with you today to learn more about your bankruptcy plans and to provide you with detailed information concerning what documents and materials you will need to move forward with your bankruptcy filing. Contact our firm to learn more about the bankruptcy services we provide to individuals and businesses alike in South Florida.

Sources:

law.cornell.edu/uscode/text/11

uscourts.gov/court-programs/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics