What is a Bankruptcy Form

A bankruptcy form is normally filled by an individual or company that is neck deep in debts and is unable to pay back those debts. This form is filled by companies and individuals who are declared bankrupt. Bankruptcy is basically a court order and once declared bankrupt, it absolves a person or company of the responsibility of dealing with their creditors. In order to be declared bankrupt, one needs to fill the bankruptcy form and submit it in the court.

A bankruptcy form constitutes several aspects related to the financial condition of an individual or company. It is a vehicle for providing correct information regarding debt and financial balance of an individual or a company and helps the court in taking a decision on declaring bankruptcy.  A bankruptcy form includes:

  • Personal and business information: This part of a bankruptcy form includes personal information as well as business information. It includes the name and age of an individual or partners in a business, their addresses and phone numbers, sex, nationality, business address, number of employees, previous turnover, and nature of business.
  • Petition: This part of the bankruptcy form refers to voluntary petition. The person or business filing for bankruptcy has to provide information regarding their current financial condition, total assets, total debts, information of real or personal property owned or in possession of, income other than business, debtor’s information, foreclosures and repossessions, financial losses, closed financial accounts, inventories, and financial statements.
  • Instructions: This part of the form doesn’t require any information to be filled on behalf of those filing for bankruptcy. This section of the bankruptcy form includes all applicable laws and rules. The person or business filing for bankruptcy needs to read through them and understand as this will help them during the filling of the bankruptcy form and the procedure.
  • Exhibit: This part of the bankruptcy form consists of the debtor’s statement. Here a debtor or bankrupt business needs to provide information regarding credit counseling briefing prior to filing a bankruptcy case.
  • Agreement: This is the final section of a bankruptcy form where the debtor or the partners of the bankrupt company need to certify that the information provided by them is correct by signing it.

The bankruptcy form can be signed by a single person or multiple partners in a business or an organization.

Category: Sample Forms

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