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CHAPTER 11 PETITION PACKAGE (INDIVIDUAL DEBTORS) Requirements and Forms for Individuals Filing Chapter 11 Bankruptcy in the Southern District of TexasRevised December 2017 Check the Courts' website

How to fill out chapter 11 petition package

How to fill out chapter 11 petition package

1. To fill out a chapter 11 petition package, follow these steps: 1. Begin by gathering all necessary financial information, including any debts, assets, and income.
2. Complete the official chapter 11 petition form, also known as Form B1.
3. Fill out the schedules and statements that accompany the petition form. These include Schedule A, Schedule B, Schedule D, Schedule E/F, Schedule G, Schedule H, Schedule I, Schedule J, Schedule J-2, Schedule K, Schedule L, Schedule M, Schedule N, Schedule O, and Statement of Financial Affairs.
4. Prepare a disclosure statement and a plan of reorganization, if necessary.
5. Compile supporting documentation, such as copies of contracts, leases, and financial statements.
6. Pay the required filing fee and file the petition package with the appropriate bankruptcy court.
7. Serve notice of the bankruptcy filing to all creditors and other relevant parties.
8. Attend any required meetings or hearings related to the chapter 11 bankruptcy process.
9. Comply with all other requirements and deadlines as instructed by the bankruptcy court.
10. Work closely with an attorney, if desired, to ensure all necessary steps are followed correctly.

Who needs chapter 11 petition package?

1. Chapter 11 petition package is needed by individuals or businesses who are seeking to reorganize their debts and finances through Chapter 11 bankruptcy.
2. This type of bankruptcy is typically used by large corporations and businesses, although individuals with substantial debts and assets may also benefit from filing under Chapter 11.
3. It allows the filer to create a plan of reorganization to repay creditors over time while maintaining control of their assets and operations.
4. Chapter 11 provides an opportunity for businesses to restructure and become financially stable while continuing to operate, rather than liquidating their assets and closing down.

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What is chapter 11 petition package?

Chapter 11 petition package is a legal document filed in bankruptcy court that initiates a case under Chapter 11 of the United States Bankruptcy Code.

Who is required to file chapter 11 petition package?

Businesses and individuals who are unable to meet their financial obligations and wish to reorganize their debts under Chapter 11 of the Bankruptcy Code are required to file a chapter 11 petition package.

How to fill out chapter 11 petition package?

The chapter 11 petition package must be filled out accurately and completely with all required information, including financial statements, list of creditors, and a proposed plan for reorganization.

What is the purpose of chapter 11 petition package?

The purpose of the chapter 11 petition package is to provide a structure for businesses and individuals to reorganize their debts, reduce liabilities, and create a plan to repay creditors while continuing operations.

What information must be reported on chapter 11 petition package?

The chapter 11 petition package must include information on the debtor's assets, liabilities, income, expenses, contracts, leases, and other relevant financial information.