How to Complete Chapter 11 Bankruptcy Forms

Filing for bankruptcy can be a complex and involved procedure.  In most cases, particularly where a business is involved, it is recommended that a bankruptcy attorney be involved.  They give you the advantage of ensuring that documents and forms are completed on time and filed appropriately.  There is a great deal of paperwork involved in bankruptcy, from gathering and analyzing business information, to completing petitions and statements to the right departments at the right time.

Chapter 11 Bankruptcy Forms and Submissions

In the case of a Chapter 11 bankruptcy, the Chapter 11 bankruptcy forms begin with the filing of a petition.  This is filed with the bankruptcy court in the jurisdiction where the debtor has his primary residence.  There are two types of petitions, the first filed by the debtor called the "voluntary petition," and the "involuntary petition," filed by the debtors creditors who have met certain requirements (11 U.S.C. §§ 301, 303).

Voluntary petitions filed by the debtor must conform to the format found in Form 1 of the Official Forms approved by the Judicial Conference of the United States.  Unless informed to do otherwise by the court, the debtor in a Chapter 11 bankruptcy must also file:

1. Schedules of assets and liabilities;
2. A schedule of current income and expenses;
3. A schedule of unexpired leases and executory contracts; and
4. A statement of the business' financial affairs.

In the case of an individual filing under Chapter 11 bankruptcy, the additional document filings required might include

1. A certificate of credit counseling
2. A copy of any debt repayment plan developed with the assistance of the credit counseling;
3. Evidence of payment from employers received 60 days prior to filing;
4. A statement of monthly net income
5. A statement of any anticipated increase to income and/or expense following filing; and 
6. A record of interest accrued in federal or state education or tuition accounts.

Fees

When filing a Chapter 11 bankruptcy, the courts will charge a $1,000 case filing fee as well as a $39 miscellaneous administrative fee.  The fees are generally expected to be paid to the clerk of the court at the time of filing; however, with the approval of the court they may be paid in installments by individual debtors. Debtors who fail to pay these fees risk having their case dismissed.

Voluntary Petition

The Voluntary Petition information that will be required includes the debtor's name, his social security number (or tax id), residential address, the location of the principal assets of the business, a request for relief by applying for the appropriate chapter of the Bankruptcy Code, and the debtor's intention to file a plan with the court.

Disclosure Statement and Plan of Reorganization

The debtor filing for relief under Chapter 11 must also file with the court a written disclosure statement as well as a plan of reorganization.  The disclosure statement contains information regarding the assets, business affairs and liabilities of the debtor such that the creditor is enabled to make an informed decision regarding the debtor's plan of reorganization.  In the case of small business, a separate disclosure statement may not be necessary if the court determines that there is adequate information provided in the plan.

The plan of reorganization must include a classification of claims as well as specific details as to how each class of claims will be treated under the plan.

Consult with a Bankruptcy Attorney

When it comes to filing Chapter 11 bankruptcy claims, the documentation and the process itself can be extremely complex.  You are best served, and your rights better protected, if you employ the services of a competent bankruptcy attorney.