What is a Bankruptcy Petition?

Moody, AL–There are many steps involved in the bankruptcy process, including undergoing credit counseling and filling out certain forms. If you’re looking to file for bankruptcy in Alabama, you’ll need to fill out something called a bankruptcy petition and file it with the clerk of the bankruptcy court in your district. 

Despite the singular name, a bankruptcy petition is a packet of forms a debtor must fill out and submit in order to start the bankruptcy process. If you’d like to know more about what a bankruptcy petition is and the information you’ll need to record on the forms, keep reading. 

The bankruptcy process starts with filing a bankruptcy petition.

The bankruptcy petition can be downloaded directly from the U.S. Courts website (1). While most people will use the “Voluntary Petition for Individuals Filing for Bankruptcy,” your circumstances will determine which forms you need to fill out (2).

Now, one of the first things you’ll need to document on the bankruptcy petition is the type of bankruptcy you want to file for–Chapter 7, 11, 12, or 13. If you don’t know which type is best for your situation, a Moody, Alabama bankruptcy attorney can certainly help you determine this. 

Moving on, you’ll then need to record personal information such as your name and the last four digits of your Social Security number. If you’ll be filing with your spouse, you’ll also need to include their information on the first page as well. 

Additional information that needs to be included in your bankruptcy petition.

Aside from the basics, you’ll also need to indicate on your bankruptcy petition the number of creditors you have and what you estimate your assets to be worth. Although the court will require that you disclose all of your assets after you file the forms, it’s important to be as precise as possible when filling out the petition. 

Should you need help or run into an issue while doing so, the Alabama bankruptcy lawyers at Hill, Gossett, Kemp & Hufford, P.C. are available to help.

Also, you should be prepared to attach a copy of credit counseling you underwent before filling out the forms. While most debtors are required to complete the credit counseling before they submit the bankruptcy petition, the court does allow exceptions. 

For instance, if you’re on active military duty or have a physical disability that makes it impossible for you to complete the credit counseling briefing, the court may waive the requirement.

Need help filling out your bankruptcy petition?

If you’d like assistance with filling out your bankruptcy forms, the bankruptcy attorneys at Hill, Gossett, Kemp & Hufford, P.C. are ready to help. They can also address any questions or concerns you might have as well as walk you through the process.

Have questions about this article or a legal concern? Call 800-672-3103.

Disclaimer: No representation is made that quality of legal services provided is greater than the quality of legal services provided by other attorneys.

Hill, Gossett, Kemp & Hufford, P.C. can be reached at:

Moody Office

2603 Moody Parkway, Suite 200

Moody, Alabama 35004

Phone: (205) 640-2000

Website: www.hwhlawgroup.com

Leeds Office

7900 Parkway Drive

Leeds, AL 35094

Phone: (205) 699-5500

Springville Office 

6441 U.S. Highway 11

Springville, Alabama 35146

Phone: (205) 467-2225

Sources:

1. https://www.uscourts.gov/forms/bankruptcy-forms 
2. https://www.uscourts.gov/sites/default/files/b_101.pdf