What Are Some Tips for Filling Out a Bankruptcy Application?

What Are Some Tips for Filling Out a Bankruptcy Application?

What Are Some Tips for Filling Out a Bankruptcy Application?

Tips for filling out a bankruptcy application include providing extensive proof of income, accurately listing all monthly expenses, and remembering to include expenses the applicant may only pay once or twice a year, according to Nolo. Applicants need to list every asset they own on a bankruptcy application.

When a person files for bankruptcy, the application and supporting forms provided give the bankruptcy trustee and the creditors detailed information regarding the applicant's assets, income, debts and financial transactions, states Nolo. It's important for that applicant to accurately complete the forms; mistakes take time and money to correct, and inaccuracies may cause the creditors and trustee to doubt the other information provided. If a trustee determines the applicant intentionally lied about money or intentionally hid assets, the entire matter could be tossed out.

When listing assets, applicants should figure out how much the replacement cost would be when writing down how much each item is worth. All assets need to be listed, although for household items, the applicant can group together smaller items as household items and provide a combined total value. When listing debts, the applicant should indicate whether he intends to repay those debts or not, according to Nolo.