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What kind of paperwork is necessary for a Chapter 7 bankruptcy?

When Tennesseans get under water, they have options. They do not have to suffer the fate of Sisyphus, doomed to forever push a boulder of debt uphill only to have one problem after another send the boulder crashing back to the bottom of the hill. These Tennesseans can instead get a fresh start by filing for bankruptcy.

But making the decision to file for bankruptcy is just the first step. The next one is to actually do so. That means getting forms and filling them out. Sounds easy, right? Sure, until one realizes that there are nearly a 100 bankruptcy forms on the United States courts' website. Figuring out which ones to fill out and then correctly doing so can be tricky.

For a Chapter 7 bankruptcy, some of the key forms are the B1 Voluntary Petition, the B6 Summary, the B6 Cover Sheet for Schedules and the B8 Chapter 7 Individual Debtor's Statement of Intention. Each of these forms should be filled out accurately and thoroughly.

Other forms may also be required, depending on the local rules of the federal court where the bankruptcy petition is filed. These rules are subject to change; they should be verified before filing a petition.

Filing for bankruptcy may sound simple at first blush, but deeper consideration will reveal that it can be quite complicated, especially as the amount of assets and creditors involved increases. To learn more about whether bankruptcy is the right choice and, if so, what steps are necessary to make it happen, Tennesseans may benefit from talking with an experienced bankruptcy attorney about their financial situation.

Source: uscourts.gov, "Criminal Cases," Accessed June 15, 2015

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
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