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Understanding Disclosure Statement

Understanding Disclosure Statement

Bankruptcy court form B-13 deals primarily
with approval of a bankruptcy disclosure statement by the bankruptcy court
. The B-12
Order and Notice for Hearing on Disclosure Statement is a bankruptcy court
serving as a record designed for
debtors, creditors and the officers of the court alike.


Almost always, a bankruptcy disclosure
statement must precede the formal confirmation of a plan. Of course, it would
be rather difficult for creditors especially to assent to a repayment scheme if
they are not well informed of the parameters of the repayment plan. Thus, an
important specific function of a disclosure statement is that lenders and other
interested parties are apprised of the plan. 


The B-12 bankruptcy court form, as its
official name conveys, is both an order and a notice. In terms of the former,
it is the bankruptcy judge presiding over this case that “orders”
the bankruptcy disclosure statement be reviewed. Meanwhile, this
order will mean very little if said interested parties are not given adequate
“notice” that such an event is to take place.


The proper forum for a debate about the
merits of a disclosure statement is a scheduled court hearing, which the B-12
form will confirm. It should be noted that written objections to the statement,
up to a certain date, may also be accepted by the court.


It should also be noted that a bankruptcy disclosure statement is
not absolutely necessary in all cases. For example, with particularly small
businesses that have a likewise small number of creditors, the specificity of
the bankruptcy plan may negate the disclosure statement requirement. Even when
normal procedure is not followed, namely if businesses inform high-equity
creditors of their intentions to file bankruptcy and both sides try to arrange
some sort of reorganization plan before its confirmation, debtors’ applications
may still hold up in court. 

All You Need To Know About Bankruptcy Plan Forms

All You Need To Know About Bankruptcy Plan Forms

Following the acceptance of a debtor as a bankrupt party under a specific chapter of Title 11 of the U.S. Code, and prior to the finalization of bankruptcy proceedings, a bankruptcy plan must be formulated, brought before creditors and the court, and confirmed. Plans must include all known creditors and must be agreed upon all parties within reason. Therefore, a case cannot move forward without a bankruptcy plan. Furthermore, even if the plan itself is the most critical element of the confirmation process, the bankruptcy court forms associated with the development of a plan are not to be overlooked themselves.

There are, indeed, multiple relevant bankruptcy court forms involved relating to a bankruptcy plan. Again, as hinted, these forms are somewhat simplistic, but quite necessary. Some notes on the various bankruptcy court forms that are applicable to the bankruptcy plan stages of filing for bankruptcy:

As it expressly states, Form B-13, the Order Approving Disclosure Statement and Fixing Time for Filing Acceptances or Rejections of Plan, Combined with Notice Thereof specifically addresses the need of the court to approve a disclosure statement, yet another one of the bankruptcy court forms that a corporate debtor almost certainly will come across in its journeys through bankruptcy court.

Likewise suggested by the long-form title, B-13 would set critical dates in the bankruptcy plan confirmation process, namely the date by which acceptance/rejection of the plan by outsiders can be made known, when the confirmation hearing is to be held, and the last day to file objections after the plan is confirmed. Form B-15, meanwhile, is a separate document confirming the plan set forth by the petitioning party.

As with Form B-13, the Order Confirming Plan must be signed by a bankruptcy court judge, and will likewise almost certainly involve the acceptance of a Chapter 11 business reorganization scheme. You probably noticed that neither of the above bankruptcy court forms invoke a great deal of debtor/creditor participation in their economy of language. The B-13 and B-15 bankruptcy plan petitions are essentially fill-in sheets for the judge to sign and therefore are chiefly administrative forms.

On the other hand, the B-14 Ballot for Accepting or Rejecting Plan is wholly contingent on the active involvement of creditors to make sure their interests are being represented. In truth, it is a form designed to vote on a plan. Though it likely goes without saying, a voting party must have some stake in these affairs, be it as a lender, a shareholder or a bondholder.

Additional bankruptcy court forms may, too, be attached to the bankruptcy plan package, notably the B-16A caption that lists the court hearing the case, all parties involved, the case number, and the relevant chapter of the Bankruptcy Code.

Consider the Following Before Filling Out A Bankruptcy Petition

Consider the Following Before Filling Out A Bankruptcy PetitionCertainly, bankruptcy cases may not begin without bankruptcy petitions. However, declaring bankruptcy is not as simple as just verbally stating one is bankrupt or handing a signed statement to authorities. As with essentially any other legal process or means of relief, a formal recognition of one’s insolvency is contingent on the submission of an application. In terms of the documentation that signifies one’s appeal to the courts for relief under the Bankruptcy Code, a bankruptcy petition form must be completed in full. In truth, forms for bankruptcy petitions are fairly straightforward, but nonetheless, they must be understood and filled out correctly as far as the debtor’s circumstances are concerned.

The following are some things to consider when completing and filing a bankruptcy petition form:

Statistically, the majority of bankruptcy petitions are requested by the party in debt. The importance of the initial voluntary bankruptcy petition form is connoted by the primacy of its official designation with the U.S. Bankruptcy Courts: the B-1 Voluntary Petition. B-1 bankruptcy petitions contain a number of different specific fields that are relevant to classifying one’s need for bankruptcy.

Of course, the voluntary bankruptcy petition form contains more basic information that is standard to most applications, such as name, mailing address/residence, and Social Security number, if applicable. As for the more particular aspects of the petition, they include the type of debtor filing (individual vs. partnership/corporation), the chapter of the Bankruptcy Code under which one is filing, and the nature of one’s debts (i.e. consumer-based vs. business-oriented). In addition, applicants will need to indicate on bankruptcy petitions how many creditors they owe and the estimated amounts of all debts/liabilities.

Appeals to filing for bankruptcy do not necessarily need to come from debtors, though. Indeed, there are mechanisms in place for petitions to be filed by creditors in the hopes of collecting on their investments. It should be noted that a separate bankruptcy petition form exists for an involuntary petition: the B-5 Involuntary Petition. Realistically, though, B-5 bankruptcy petitions are fairly similar to their voluntary counterparts.

The primary distinction made in the actual documentation is that the identifying data and estimates of debts and obligations are presumptions on the part of a lender-applicant based on known information. There is also a special section for allegations made of the debtor, including the assertion that he or she is not making payments on his or her liabilities.

Regardless of the exact bankruptcy petition form that a person, corporation or other entity must submit to the court, unless the court recognizes the debtor’s material inability to pay the fines as they are, requisite filing fees will be attached.

Exact fees vary for the chapter under which the form is filed, but whatever the case, applicants should expect to part with $200 or more. Plus, there are miscellaneous charges for all bankruptcy petitions of which to take note. Specifically, there are a $39 administrative fee and $15 trustee surcharge.

Make Sure You Know The Bankruptcy Schedules

Make Sure You Know The Bankruptcy Schedules

There is a litany of bankruptcy
forms that are recognized by United States Bankruptcy Courts
However, of all the bankruptcy forms that exist, schedules,
especially for first-time applicants, have the potential to be among the most
easily understood.


Bankruptcy schedules are not “schedules” in the
sense that they plot out a series of events as they should transpire in
bankruptcy court. Rather, these bankruptcy forms are more like written
statements containing explanatory details relating to the debtor’s obligations.
As for what kinds of details are contained within, though, they tend to vary
with the type of schedule chosen. 

Some notes on the filing of bankruptcy schedules with
bankruptcy court:


In all, there are ten main bankruptcy
forms concerning schedules with different purposes for the debtor.
Bankruptcy schedules B-6A through B-6C deal more or less with debtor


Schedule B-6A is specifically related to
“real property,” that is, property defined by the Department of
Justice “in which the debtor has any legal, equitable, or future interest,
including all property owned as a co-tenant, community property, or in which
the debtor has a life estate.” Within this document, applicants must list
where and what each holding is, why the debtor owns it, who shares ownership
(e.g. spouse), its value, and whether or not any exemptions



Bankruptcy forms are also in place for
recognition of all the debtor’s creditors. In fact, three distinct bankruptcy
schedules have been designated depending on the nature of the creditor’s
claims. One such schedule, Form B-6D, is designed for the enumeration of all
claims secured against a specific asset. Form B-6E, meanwhile, is concerned
specifically with unsecured priority claims (e.g. domestic support), and Form
B-6F with unsecured non-priority claims. Particular bankruptcy forms handle the
listing of unexpired executory contracts and leases
, B-6G and co-debtors, those who have a shared
responsibility toward repayment


Additionally, bankruptcy schedules apply for
explication of debtor’s income and expenditures. Schedule I, the Current Income
of Individual Debtor(s) form, requests details on all of the debtor’s
dependents, the debtor’s and his or her spouse’s occupation and employer, and
average monthly take-home pay. Schedule J, meanwhile, pertains to a
consideration of all possible expenses facing a debtor, including house
payments, utilities, food, medical fees, transportation, insurance, and taxes.

Proof of Claim Petition Made Easy

Proof of Claim Petition Made Easy

As it officially known by the U.S. Bankruptcy
Court system, the B-10 proof of claim petition is one of the more complex
documents in the bankruptcy court roster
. As a matter of fact, it even includes a glossary of terms.
Probably the most critical piece of information to be listed in the proof of
claim form is the amount of the claim at the time of filing. Of course, it goes
without saying that this datum should be accurate and listed in good faith.


Another important detail to be factored into
the proof of claim is the “basis for claim” of the creditors.
This means that a lender must disclose how exactly the debt was incurred and
show discretion as to what information may be considered sensitive
, and therefore, should be at least blacked out in copies.


The proof of claim form also gives
credence to creditors’ claims secured against one of the debtor’s assets and
certain “priority claims.” Almost always, a correctly
completed proof of claim is needed for the officers of the court to
dignify creditors with a recognition of their ability to collect at least a
portion of the funds owed them according to the original debtor-creditor agreement.
Depending on the discretion of the court, however, in some cases claims may be
accepted without the preferred submission of the proof of claim form,
provided the appeal is signed in writing by the creditor and reflects a genuine
claim of theirs. By no means does this imply that lenders should bank on their
ability to not file their documents correctly, though.