The Chapter 7 Petition and Filing Requirements

Chapter 7: How it Works: The Chapter 7 Petition and Filing Requirements

A section 7 case starts with the debt holder documenting an appeal with the insolvency court (the court serving the region where the individual lives, or where the business indebted person is composed or has its primary spot of business or vital possessions). Notwithstanding the appeal, in a part 7 chapter 11 case the account holder should likewise record with the court:
  • Calendars of benefits and liabilities;
  • A calendar of current wage and consumptions;
  • An announcement of money related undertakings; and
  • A calendar of executory contracts and unexpired leases.

Indebted individuals should likewise give the appointed case trustee with a duplicate of the assessment form or transcripts for the latest duty year and expense forms documented amid the case (counting assessment forms for former years that had not been recorded when the case started).

Singular indebted individuals with essentially buyer obligations have extra record recording necessities. They must document:

A testament of credit directing and a duplicate of any obligation reimbursement arrangement created through credit advising;

Proof of installment from bosses, if any, got 60 prior days documenting;

An announcement of month to month net wage and any foreseen build in salary or costs in the wake of recording; and

A record of any investment the debt holder has in government or state qualified training or educational cost accounts.

A spouse and wife may record a joint appeal or individual petitions. Regardless of the fact that recording mutually, a spouse and wife are liable to all the record documenting prerequisites of individual account holders.

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