When a person is considering bankruptcy, they need to prepare for the proceedings by collecting as much information about their finances as possible. This information is not only a basic requirement for bankrupt debtors preparing to file with a bankruptcy court, but it is also helpful in getting a clear picture of debt obligations and necessary expenses.
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The court requires the correct and complete submission of the following figures and documents:
A debtor also needs to take the time to prepare a general report for their financial state. This report is a regular form provided by the government that gives a full account of debt obligations and debtor income. This financial affairs report gives a clear, concise picture of the debtor’s financial situation for the court to assess.
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