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STATEMENT OF FINANCIAL AFFAIRS AND STATEMENT OF INTENTION: Delay or failure to file required documents, including these statements, in a timely manner may be cause for dismissing the debtor's bankruptcy action, or may give rise to a right to the creditors to request relief from the Court to recover possession of security that are consumer goods, generally, an automobile, household appliances, etc. A creditor should review and examine these statements carefully with its legal counsel.
Statement Of Financial Affairs
List Of Creditors
Statement Of Intention
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
Statement Of Financial Affairs
Under Bankruptcy Rules Rule 1007(c), a debtor is required to file a Statement Of Financial Affairs and other schedules of property at the time the initial petition is filed. However, if the petition filed by the debtor is accompanied by a list of all the debtor's creditors and addresses, then the statement and other schedules may be filed within 15 days thereafter.
Bankruptcy Rules Rule 1007(a) requires:
"(1) In a voluntary case, the debtor shall file with the petition a list containing the name and address of each creditor unless the petition is accompanied by a schedule of liabilities.
(2) In an involuntary case, the debtor shall file within 15 days after entry of the order for relief, a list containing the name and address of each creditor unless a schedule of liabilities has been filed."
11 U.S.C. Section 521(2) requires that if an individual debtor's schedule of assets and liabilities includes consumer debts which are secured by property of the estate--
"(A) within thirty-five days after the date of the filing of a petition under chapter 7 of this title or on or before the date of the meeting of creditors, whichever is earlier, or within such additional time as the court, for cause, within such period fixes, the debtor shall file with the clerk a statement of his intention with respect to the retention or surrender of such property and, if applicable, specifying that such property is claimed as exempt, that the debtor intends to redeem such property, or that the debtor intends to reaffirm debts secured by such property.
(B) within forty-five days after the filing of a notice of intent under this section, or within such additional time as the court, for cause, within such forty-five days period fixes, the debtor shall perform his intention with respect to such property, as specified by subparagraph (A) of this paragraph;..."
Portions of Bankruptcy Rules Rule 1007 and Section 521 of Title 11 of United States Code are included below for illustration purposes only.
