In a nutshell, the bankruptcy petition is a collection of legal documents that explain who you are, what you have, who you owe, what you make and spend in an average month, as well as your recent financial history. These legal documents are separated into sections called schedules, and the complete collection of schedules is what makes up the petition.
The petition is a bird’s-eye view snapshot of your financial picture. This snapshot helps the court make important decisions in your case—such as your eligibility and what (if anything) becomes part of the bankruptcy estate that will go toward the creditors you list.
Here at LifeBack Law, our support staff assist you in constructing this petition. We’ll request documents to help us put together the completed schedules for you to review at your Review & Sign appointment. During the appointment, we will go through the schedules with you to bridge any gaps in information.
Once the petition is filled with all the necessary numbers, figures, and details, you’ll do one final review with your attorney. During this step, your attorney will provide important pre-filing information you need to know before we officially file your case. This may include what to expect from creditors, whether there are any additional court payments, and what plan payments could look like if you’re filing a Chapter 13.
Here is a breakdown of the schedules you’ll go through in both a Chapter 7 and a Chapter 13 case:
- Voluntary Petition
- Schedule A/B: Property
- Schedule D: Creditors Who Have Claims Secured by Property
- Schedule E/F: Creditors Who Have Unsecured Claims
- Schedule G: Executory Contracts and Unexpired Leases
- Schedule H: Your Codebtors
- Schedule I: Your Income
- Schedule J: Your Expenses
- Statement of Financial Affairs for Individuals Filing for Bankruptcy
While the bankruptcy petition may feel overwhelming at first, it is simply a structured way to tell your financial story. Each section works together to give the court—and your attorney—a full picture of your circumstances so the best path forward can be determined. At LifeBack Law, we walk with you through every step, ensuring your petition is complete, accurate, and ready to move you closer to a fresh financial start.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
When the time is right, or when you are ready, reach out to Minnesota’s MOST Kind and Helpful bankruptcy law firm by going now to www.lifebacklaw.com. You will be so happy you did.
