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Duties Of A Debtor
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
Debtor Must File Certain Lists & Schedules
Section 521 of the Bankruptcy Code specifies duties of debtors. The duties of a debtor may include the timely filing of a list of creditors, a schedule of assets and liabilities, a schedule of current income and current expenditures, and a statement of the debtor's financial affairs. See Section 521 (1) reproduced here for illustration purposes only. Time limits for filing certain schedules and lists by the debtor are found in Bankruptcy Rules Rule 1007, reproduced here for illustration purposes only.
Statement of Intention
If an individual debtor's schedule of assets and liabilities includes consumer debts which are secured by property of the estate in a Chapter 7 case, such as a consumer automobile loan, he must file a "Statement of Intention" to retain or surrender the collateral. The debtor may elect to redeem or return the property, or reaffirm debts secured by the collateral. This Statement of Intention must be filed by the date of the 341 Meeting, or within 30 days after filing the petition, whichever is earlier. The debtor must perform this intention within 45 days after the filing of the statement of intention. See Statement of Intention here. Link does not return to this page.
Debtor Must File Plans & Cooperate With Trustee
The debtor must timely file a plan of repayment if the bankruptcy is filed under Chapter 11, 12 or 13. If a trustee is serving in the case, the debtor must cooperate with the trustee as necessary to enable the trustee to perform the trustee's duties, and surrender to the trustee all property of the estate and any recorded information, including books, documents, records, and papers, relating to property of the estate, whether or not immunity is granted. See Section 521 (3) reproduced here for illustration purposes only. See also 341 Meeting .
Debtor Must Appear At Hearings
The debtor must appear at court hearings as required. Section 343 also requires that the debtor appear at the 341 meeting of creditors and permit examination under oath. See Section 521 (5) reproduced here for illustration purposes only. See also 341 Meeting .
