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Financial information needed when filing for Chapter 7

When debt in Georgia is overwhelming, you may want to consider Chapter 7 bankruptcy. This is a type of bankruptcy that liquidates a good portion of your assets -- some things are exempt, though, as the goal of bankruptcy isn't to make you homeless and entirely broke, but to give you a fresh start -- and then eliminates your debt.

As you file the petition, you're going to need to provide the court with detailed financial information. Government officials note that this starts with four main areas, which are as follows:

-- A list telling the court all of the creditors to whom money is owed. This should describe the nature of the debt and the total amount for each creditor that is still outstanding.

-- A statement about your own income. This should tell how much you earn, how often you earn it -- which makes a big difference if you are a contract worker or don't have a stable paycheck every two weeks -- and where the money comes from. If you have no income, this must be noted.

-- A complete list of all of the property that you own. As noted above, some of what you own may be exempt, but the court needs to know what you have.

-- A list of the expenses that you face on a monthly basis. This could be your rent or mortgage payment, the cost of food, transportation costs, utilities and more.

If you want to file, it's crucial that all of this is handled properly and that the petition is accurate. Be sure you know exactly what to do from a legal standpoint.

Source: US Courts, "Chapter 7 - Bankruptcy Basics," accessed June 16, 2016

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