What to Include in a Bankruptcy Disclosure Statement

If you’ve decided that filing for bankruptcy is the right choice for you, there are many things you’ll need to do and understand in order to get your bankruptcy petition approved.

One of the most important aspects of a bankruptcy case is the disclosure statement. You’ll need to provide this to the court before you can proceed with the bankruptcy process. Continue reading to learn more about what you should include when preparing your bankruptcy disclosure statement.

The Purpose of a Disclosure Statement

A bankruptcy disclosure statement is a document that explains your financial situation so the court and your creditors have an idea of your financial situation and evidence that you aren’t declaring bankruptcy just to get out of repaying your debts.

Depending on what type of bankruptcy you are declaring, your creditors can also use the information in your disclosure statement to help them make decisions about potential repayment plans if you are hoping to retain some of your possessions.

Information You Should Include

Your disclosure statement needs to be thorough so your creditors have a firm understanding of the extent of your outstanding debts. Some of the most important pieces of information to include in your bankruptcy disclosure statement include the following:

  • A compilation of your debts and creditors
  • Your income and expenses
  • What caused you to file for bankruptcy
  • A list of your assets and liabilities
  • Your reorganization plan if you’re paying your creditors over time

Discuss your case with your attorney before submitting your disclosure statement. Depending on the details of your case, you may need to include more information than what is described above.

Meet with a Terre Haute Bankruptcy Lawyer

If you have further questions about what to include in your bankruptcy disclosure statement or would like to discuss your case with a qualified Terre Haute bankruptcy lawyer, get in touch with Rowdy G. Williams Law Firm today. You can schedule your no-obligation consultation by filling out the contact form below or giving our office a call at 1-812-232-7400.