Once you decide to file bankruptcy, you will need to complete your bankruptcy petition. The forms that make up your petition require a vast amount of information about you and your financial situation.
It is imperative that you fill out the forms completely and accurately as the court uses your petition to guide your bankruptcy. The U.S. Courts website explains that if you have a spouse, you must have his or her information regardless of whether you will file jointly or not.
Income and asset information
You will need to file information about you and your spouse’s income. The court will request proof of your income and want to know the source or sources. You also must provide the amounts of income and how often you receive it.
The forms will also ask for a list of your property. You need to be completely honest and list everything that you own regardless of the value.
Expense information
You must also provide a budget that shows your monthly expenses. You will detail how much you pay for everything from rent to food. You need to include information on all possible expenses even if it is not a regular monthly expense.
Debt information
Perhaps the most important part of your bankruptcy petition is the list of debts you have. The court directly uses this list when discharging your debts, so it must be accurate. You need to list every creditor you have, even for those debts you desire to continue paying. You will need to include how much you owe each creditor and the type of debt it is.
