Many individuals facing bankruptcy choose to work with an attorney because they recognize the complexity and importance of the process. If your business is considering bankruptcy, working with an attorney is required.
One of the critical responsibilities an attorney can manage is the required paperwork you must present to bring your case to a discharged status. This article will discuss the documents anyone presenting for bankruptcy must complete and some additional documents your attorney may use.
Every corporation, LLC, or partnership that files for bankruptcy must use the 200 series forms for their proceedings. At the time of filing, you must be prepared with the following:
- Official Form 201 – Voluntary Petition for Non-Individuals Filing for Bankruptcy: This is the form that creates the bankruptcy case and includes the directions for completion.
- Official Form 204 – Chapter 11 Cases: List of Creditors Who Have the 20 Largest Unsecured Claims Against Debtors and Are Not Insiders
- A creditor matrix – A complete list of the names and addresses of all of the debtor’s creditors.
If you have been required to make periodic reports with the Securities and Exchange Commission pursuant, you will also need to fill out Official Form 201A, the Attachment to Voluntary Petition for Non-Individuals Filing for Bankruptcy Under Chapter 11.
After you have filed for Chapter 11 bankruptcy, you have 14 days, or longer if the court allows, to complete and present the other additional forms you may need, such as:
- Official Form 206 – Schedules of Assets and Liabilities
- Official Form 202-Declaration – Declaration Under Penalty of Perjury for Non-Individual Debtors
- Official Form 207 – Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy
- Director’s Form 2030 – Disclosure of Compensation to Debtor’s Attorney (Unless your local municipality does not require it)
As a small business, you must also be prepared with your most recent balance sheet, federal tax income return, cash-flow statement and statement of operations.
At the time of your filing, you must also be prepared with the appropriate fee. This may be different depending on your case, but it will likely start at $571. This fee will be collected at your initial filing and can be made by money order, check, or electronic payment.
For someone unfamiliar with the system, it may look overwhelming to correctly fill the appropriate paperwork out to file for Chapter 11 bankruptcy. Because Florida law requires businesses to work with an attorney, you can be confident that your bankruptcy proceedings will go as smoothly as possible, with the hope of rebuilding and moving on.