Chapter 7 bankruptcy form – Required information and vital segments
An individual may file a Chapter 7 bankruptcy when every other attempt has failed to repay the debts. By filing Chapter 7, the debtor gets discharge from the debts by selling the non-exempt assets under the supervision of a bankruptcy court. The accumulated amount is used to pay off outstanding dues. You need to take help of a bankruptcy attorney and fill out the Chapter 7 bankruptcy form in order to file a bankruptcy.
Chapter 7 bankruptcy form – Required information
You need to fill out the following fields in a Chapter 7 bankruptcy form.
- Date on which the case is filed
- The name of the bankruptcy chapter
- Name(s) and address(s) of the debtor(s)
- All other names used by the debtors(s) for past 8 years (including maiden, married and trade names)
- Name, address and telephone number of the attorney for debtor(s)
- Case number
- The last 4 digits of the SSN (Social Security Number) or ITIN (Individual Taxpayer ID) or the complete EIN (Employer Identification Number)
- Name of the bankruptcy trustee
- Time and location of the meeting of creditors
- The bankruptcy clerk’s office address, telephone number and details of working hours
Chapter 7 bankruptcy form – Important segments
Go through this section to know about some important information conveyed through various segments of a Chapter 7 bankruptcy form.
- There is a deadline within which the creditors need to file a complaint in order to object to the discharge of certain debts or to determine the dischargeability of certain debts. The deadline to object is usually 30 days from the concluding day of the creditors’ meeting.
- When a debtor files a bankruptcy petition to the court, it becomes obligatory for a creditor to not harass the debtor any more. The creditors cannot garnish the debtor’s wages, contact the debtor or even proceed with any lawsuits. This is referred to as ‘Automatic Stay’ that prevents a creditor from harassing a debtor when the bankruptcy application is pending in the court. Usually, the stay is limited for a period of 30 days although a debtor can request the bankruptcy court either to impose or extend the stay.
- It is mentioned in the Chapter 7 bankruptcy form that by law, the debtor can keep certain property as exempt, which will not be sold in order to repay the amount owed. So, a debtor is required to file a list of the exempt items. It is also mentioned in the form that a creditor can file an objection to the exemption if he/she thinks that the exemption claimed by the debtor is not an authorized one.
It is advisable that both the debtor(s) and the creditor(s) should take help of a bankruptcy attorney (who’s familiar with the US bankruptcy laws) if you want to gather knowledge regarding your rights as a debtor or a creditor when the debtor files a Chapter 7 bankruptcy.
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