The answers to the legal worksheet questions that you have listed on the cover sheet of your bankruptcy petition will be important in preparing a defense strategy. The answer choices that you will use in preparing a defense strategy will depend on which of the following questions you answered. You will need to look at these questions as you are answering the answers in order to get a more complete and accurate response.
Let’s examine each of the questions as they apply to each of the person answers on the coversheet. The first is, “What type of business do you own?” That is answered with a two-part answer, one of which is “Small business” and the other, “Not really sure.” To get a complete answer to this question, you should look at the purpose of Chapter 7 and read the definition of a business in that chapter.
The second question asked on the forms is, “What is your occupation?” This question is included because there are requirements for employees in the bankruptcy proceeding. Your answer to this question is based on what the court requires of your business. There are different requirements for different types of businesses, so take time to find out what is required of your business. If you are not sure, you can refer to the FAQs section to learn more about the requirements for your business.
The third question asked on the forms is, “What is your real or apparent source of income?” This question is for those who do not have an occupation or other source of income. It is important to note that many of the bankruptcy petitions contain a claim for alimony, child support, or other obligations that are enforceable even if there is no money in the estate.
The fourth question asked on the forms is, “Do you have any debts?” This question is asking for a list of assets that you may have. If you have assets, you will be able to provide a list of the assets. If you do not have assets, it is possible that you have money owed to you by someone else.
The fifth question asked on the forms is, “If you have any debts, do you know how much money you have available to pay these debts?” This question is asking for a list of debts, including everything from credit cards to student loans. The answer that you choose should be based on the assets that you do have and the amount of money that you have available to pay those debts.
The next question asked on the forms is, “What are the debts on your credit report?” There are a number of items on your credit report that are considered debts. One of the most common debts on a credit report is an unpaid credit card bill. If you have the ability to repay the debt, you should provide a list of the names of the credit card companies that you owe money to.
If you are having problems answering the worksheet questions on the Chapter 7 forms, consider the other bankruptcy defense resources that are available. Once you know the type of questions you need to answer, the information can be found online or in books. Being familiar with the worksheet questions will help you with your defenses when preparing a strategy for your bankruptcy case.