When New York residents consider filing for bankruptcy, they often have many questions about the process. It is important to understand that filing a petition for Chapter 13 bankruptcy requires the filer to provide a significant amount of information and evidence to the bankruptcy court in support of the petition.
A bankruptcy petition is comprised of many different parts. Specific court forms, statements about the filer’s financial status and additional schedules are required for a complete filing. The information required by these documents includes a detailed list of all creditors, the amounts owed to each creditor and whether the debt is secured or unsecured; a complete description of the filer’s income, including how often the income is received and the amount and source of the income; a listing of all property owned by the filer; and a detailed accounting of living expenses.
In addition to the bankruptcy petition itself, the filer must also include the following:
- The specific schedules of assets and debts that give a complete picture of the filer’s financial status,
- A schedule of income and expenses,
- A schedule of contracts and leases relating to the filer.
Prior to filing, the person filing for bankruptcy must attend credit counseling and must include a certificate that the counseling was completed with the bankruptcy filing. If the credit counseling resulted in the creation of a debt repayment plan, the filer must include a copy of that plan with the bankruptcy petition, as well. Other documents required include statements of income, evidence of employee pay received 60 days before the filing, records relating to interest in education or tuition accounts, and a copy of the most return tax return filed.
Finally, the bankruptcy filer cannot forget the filing fee or the petition will not be accepted. The case filing fee is $235, plus an additional administrative fee of $75. Although payment of these fees is typically required in full in order to commence the case, the bankruptcy court will allow a filer to pay the pays in up to four installments in some cases.
Source: USCourts.gov, “Chapter 13: Individual Debt Adjustment,” last accessed Sept. 6, 2014
