Voluntary Petition-Bankruptcy forms

In this article we will discuss what bankruptcy forms you should expect your Michigan bankruptcy lawyer to file on your behalf after you have paid the appropriate bankruptcy attorney fees, court fees and pre and post credit counseling fees. Although the review is of a bare bones chapter 7 no asset case some cases require more documents. If  are just starting out on research you will get an idea of what you are actually paying for when you hire a Michigan bankruptcy attorney.  This article is not meant to be a legal guide on how to fill out your bankruptcy papers.

The paper work needed for bankruptcy

Once you have met with a lawyer and you selected the one you want you will be have to take pre credit counseling bankruptcy class. If you are filing Pro Se you will have to search for a federally approved credit counseling agency prior to selecting where you want to take your class. Once you have taken the class you or your bankruptcy attorney will start to file the required paper work to start your bankruptcy case.

Voluntary Petition (Form B1)

You completed your bankruptcy class now you or the attorneys’ legal assistant will fill out this form and you will verify the accuracy. You will be asked questions such as are you as your name, address, type of debtor such as an individual or joint debtor (married). You will be asked to check a box regarding what code of bankruptcy you are filing for protection under (Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13 or Chapter 15). During this petition you will also be asked what the nature of debt is.

If you are filing a Chapter 7 bankruptcy you would check the box that represents “debts is primarily consumer debts” as defined in 11 U.S.C. §101(8)  As you move on to the next  question you will be asked to check a box regarding having money left over after you have used all of your exemptions( cars, house etc). As example after all of your exemptions are used you do no expect any funds to be available for distribution to your creditors.

The next box on the bankruptcy petition will allow you to tell the court your estimated number of creditors. This is done by checking a box which for number of creditors that applies to your situation (1-49).

Continuing on to the next box you tell the court your estimated Assets (0-50K, 50-100K etc). As you continue you or your attorney continue on to filling out your bankruptcy petition you will check boxes as they apply to you.

Boxes to be considered are Exhibit A (securities & exchanges) or Exhibit B where the primary box which would most likely be signed by the attorney which affirms “explained the relief available under each such chapter. I further certify that I delivered to the debtor the notice required by 11 U.S.C. § 342(b).” and is signed either physically or electronically by the attorney.

Exhibit C -Does the debtor own or have possession of any property that poses or is alleged to pose a threat of imminent and identifiable harm to public health or safety? This is where you check either Yes, or  No.

Exhibit D- Is to be checked confirming you or both you and your spouse have met the Credit Counseling requirement which allows you to actually file your case with the bankruptcy court. Every individual debtor must file this Exhibit D. If a joint petition is filed, each spouse must complete and file a separate Exhibit D. Check one of the five statements below and attach any documents as directed

The language below shows how you must take your credit counseling class

Within the 180 days before the filing of my bankruptcy case, I received a briefing from a credit counseling agency approved by the United States trustee or bankruptcy administrator that outlined the opportunities for available credit counseling and assisted me in performing a related budget analysis, and I have a certificate from the agency describing the Services provided to me. Attach a copy of the certificate and a copy of any debt repayment plan developed through the agency.

In the next write we will discuss Disclosure of Compensation ( if you hired an attorney) and  move towards discussing Section 521(a)(1) which requires you to submit to the bankruptcy court and in accordance with the bankruptcy code detailed information regarding your creditors, assets, liabilities, income, expenses or your general financial condition of your household. This commonly leads into the Statement of Financial Affairs and is the meat and potatoes of your petition which helps set your schedules to be filed with the bankruptcy court