Deciding to voluntarily file for Chapter 7 Bankruptcy is a tough decision to make for most people. After all, filing Chapter 7 essentially is your way to invite your creditors to liquidate all of your assets and distribute the proceeds amongst themselves to repay your debt. (Note: a Bankruptcy Trustee is the one charged with the liquidation task, but ultimately, the Trustee works on behalf of your creditors).
Knowing how emotionally difficult such a decision is, you should not have to stress over the multitude of forms that need to be completed. As evidenced by the extensive list of forms published the US Courts website, filing for bankruptcy can be a complicated matter. So complicated, in fact, that it has created opportunities for people to actually charge for their service of helping you through the complicated paperwork.
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In most cases, people will seek the advice and assistance of a bankruptcy trustee or other specialist. However, there are many bankruptcy attorneys who will also help (for a nice fee, of course).
Completing the bankruptcy forms can be a difficult task. Starting with knowing which forms to complete, you will quickly notice that it would be easy to overlook a specific form, causing potential delays in the bankruptcy filing process. For example, if you are filing for Chapter 7 as a single debtor, there can often be confusion as to whether other forms need to be completed.
For starters, if you are filing for Chapter 7 bankruptcy, you will start with Form B1. This is the starting point for everyone filing for any type of Bankruptcy (Chapter 11, 13, and all others). In other words, it is simply the starting point. Therefore, the information provided in this form is very general, very basic. As you progress through the bankruptcy forms, they will become more complicated.
How complicated? Well, that Form B1 is accompanied by an instruction set that totals 14 entire pages! If you are filing jointly with another person, then you will obviously need to complete the Codebtors form B6H (Schedule H), but outside of this form, you will also need to complete some or all of the following:
Form B2 (Declaration); Form B3 (either A or B depending on your situation); B4, B5 as well as some or all of the schedules (B6 A through J). In addition to these, you will also complete financial statement information (Form B7) as well as forms B8 (which is your Statement of Intention); B9 plus B9C (if you are an individual or are filing jointly), and a dozen others!
Without question, the process of filing for Chapter 7 bankruptcy is a complicated one. Can you complete these forms on your own and save a few dollars? Of course you can, but the price will probably come with a few migraine headaches, something you are probably looking to escape in the first place.
So, while deciding to file for Chapter 7 is never an easy decision, seeking professional assistance through the process should be an easy decision - that decision should be an unequivocal affirmative.
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