Individual debtors having primarily consumer expenses provides more file processing conditions
How Chapter 7 Works
A part eight instance begins with the borrower filing a good petition to the bankruptcy judge helping the area where in fact the private lives otherwise where in actuality the business borrower try arranged or has its dominating office otherwise principal assets. (3) Plus the petition, the fresh borrower also needs to file for the courtroom: (1) schedules off property and you can debts; (2) a schedule off newest money and you can expenditures; (3) a statement away from financial issues; and you can (4) a routine of executory agreements and you will unexpired leases. Fed. R. Bankr. P. 1007(b). Debtors also needs to provide the tasked case trustee with a duplicate of the income tax return otherwise transcripts for present income tax year and tax statements submitted into the situation (in addition to taxation statements to possess prior ages which had not been submitted in the event that instance began). 11 You.S.C. 521. They must file: a certification from borrowing guidance and a copy of any loans installment plan setup as a result of borrowing counseling; proof fee off employers, or no, obtained two months before submitting; a statement away from month-to-month net income and people expected upsurge in income otherwise costs once submitting; and you can an eye on people interest the brand new debtor has actually from inside the federal or county accredited training or university fees profile. (mais…)
