Bankruptcy Questions
Section 6 of "The Chapter 7 Bankruptcy Process":
Complete Bankruptcy Questionnaire
Let's discuss the types of bankruptcy questions you will need to answer.
After you retain a lawyer, he or she will request that you take home and complete a lengthy form. Typically, these questionnaires are several pages long and require that you provide substantial details regarding income, assets, debts, and other relevant information, such as transfers of property.
Plan on spending several hours, and possibly several days, to complete this questionnaire. If overwhelmed, break it down into manageable sections. For example, commit one day to complete answers about income, another day to work on assets, and a third day to list creditors and balances.
As you work on the bankruptcy questions, there may be certain parts that need additional clarification or explanation. Make a list. Before finalizing your answers, contact your attorney or his or her paralegal for any clarification you still need.
There are a few things that you need to keep in mind when completing your questionnaire:
1. Answer all bankruptcy questions honestly.
Bankruptcy documents filed with the Court are signed under the "penalty of perjury". If you knowingly or fraudulently submit inaccurate information, such as failing to disclose assets, reporting income wrong, or using a false Social Security number, you may be fined and even imprisoned.
The U.S. Trustee Program, a division of the U.S. Department of Justice, randomly audits Chapter 7 cases and will prosecute fraudulent behavior.
2. Answer all bankruptcy questions thoroughly.
The questionnaire may seem overwhelming. Avoid the temptation to rush through it. Answer every question thoroughly. Be completely honest and do omit any information.
If your attorney does not order a copy of your credit report, you should do this, in order to make sure you list all creditors. Make sure you also list debts owed to family members, friends and relatives, as well any debts that are disputed or the subject of a pending lawsuit.
3. Answer all bankruptcy questions accurately.
Make sure all information is listed accurately. For example, if an inaccurate address is provided for a creditor, that creditor may not receive notice of your Chapter 7 filing.
4. Provide copies of supporting documentation.
When possible, provide your attorney with copies of supporting documentation, including:
- bank statements
- loan paperwork
- credit card bills
- tax returns
- pay stubs
- recent appraisals and asset valuations
- relevant receipts
Make sure you keep the original documents for your records.
5. Make sure your bankruptcy answers are legible.
Your attorney, or a member of his or her staff, will use the questionnaire to complete your documents for filing with the Court. Make sure that all answers are legible to avoid unnecessary delays and errors.
