Whether you are filing for Chapter 13 or Chapter 7 bankruptcy, there will be several forms that you need to complete and file. In some cases, some of the same forms may apply to both of these types of bankruptcy. The following includes some of the different types of forms that a person will need to need to file for a bankruptcy in Hawaii.
This is the first and most basic of forms that will be needed to file for bankruptcy in Hawaii. With this form, the petitioner provides their basic information like their name and address and they also indicate the type of bankruptcy for which they are filing. You will also provide information about the types of debt that you owe (consumer or business), the number of creditors that you have, the amount of debt that you owe and the value of your property.
Additionally, the form will require information about whether you have received the necessary credit counseling. To be eligible for debt relief, the individual must complete credit counseling. Upon completion of the counseling, you will be given a certificate that needs to be included with the voluntary petition.
The schedule A/B forms are where you tell the court about the property that you own. In this form, you would list your home and all other types of real estate that you may own, your cars, bank accounts, cash, household items, insurance policies, retirement plans, investment products like stocks and bonds or any other thing that has monetary value. In addition to listing the property, the petitioner will also need to list the location and a description of the property.
The person will also be required to value the property that they list. For things like homes and cars, you will want to list the fair market value. For other items, you will want to determine its replacement value; essentially, what it would cost to buy another item that is of a similar age and condition.
Certain types of property will be exempt from the bankruptcy process – meaning that it is property that you will be allowed to keep. The schedule C form is where you list the property that you would like to claim as exempt. Homes, cars and certain types of retirement accounts are examples of property that may qualify for exemption. When filing for bankruptcy, you have federal exemptions and state exemptions. In Hawaii, you can choose between using the state exemptions and federal exemptions, but you can’t pick and choose the most favorable from both categories and mix them together.
The schedule D forms are where the petitioner will list the creditors that have claims for secured debt. This could be something like a car loan or a mortgage. When you fill out the schedule D, you will need to provide the name of the creditor, the amount of the lien and a description and valuation of the property that is under lien.
These are the forms that will cover all of your unsecured debt. This could be taxes, medical bills, unpaid alimony or child support or a personal loan. Here you will list the name of the creditor, the reason for the debt and other information regarding specifics of how the debt was incurred. You will indicate whether it is a priority debt or not. Some debts are priority claims and they cannot be discharged through a bankruptcy.
This covers any contract or lease obligations that you may be under. This could be a car lease, a rental agreement or an agreement to purchase a piece of property. Essentially, these are things that you are under a continuing obligation to make payments for.
If you have any codebtors, then you would need to list them in the schedule H. The codebtor is not a part of the bankruptcy hearing and they will still hold liability for the debts. The form is simply to inform the court that there is another party that shares some of the obligation.
The schedule I form is for your income. In the form, you will want to list your employment information and disclose all forms of income that you have. You also have to provide the income information for your spouse, and this applies whether they are filing or not. However, if you are in the middle of a divorce or separated, this could raise additional issues that may complicate matters.
The schedule J is the form where you list your regular expenses. This form works with the schedule I to help determine the amount of disposable income that you have.
Filing for bankruptcy can be a very complicated process and it will require the filing of several forms. This list is just an overview of some of the basic forms that you will need to file for a bankruptcy proceeding, but there could be several more depending on your circumstances.