Petition Drafting Tips
Practical tips and techniques for drafting accurate Chapter 7 and Chapter 13 bankruptcy petitions.
41 articles
Petition Drafting TipsMeans Test Income vs Schedule I Income: Why the Two Numbers Differ
The two income figures on a petition rarely match, and that's normal. Here is how current monthly income and Schedule I income are calculated, and how to document the difference.
Petition Drafting TipsStudent Loans and Priority Debts on Bankruptcy Schedules: How to List Them Correctly
Student loans and priority debts are easy to misplace on the schedules. Here is what to collect, where each type goes, and which questions belong with the attorney.
Petition Drafting TipsBankruptcy Schedules A Through J Explained: A Plain-English Walkthrough for Petition Preparers
Every consumer bankruptcy petition includes a set of schedules. Here is what each one asks for, how they connect, and where drafts most often go wrong.
Petition Drafting TipsHidden Assets and Forgotten Debts: What Bankruptcy Petition Preparers Should Flag
Most omissions on a bankruptcy petition are honest mistakes. Here are the assets, debts and transfers debtors forget most often, and the questions and records that bring them to light.
Petition Drafting TipsIs Your Client's Budget Believable? A Schedule J Reasonableness Checklist
A trustee can tell in seconds when a budget doesn't add up. Use this Schedule J checklist to catch missing categories, unrealistic numbers and income gaps before the petition goes to the attorney.
Petition Drafting TipsCredit Card Charges Before Bankruptcy: What Trustees and Creditors Look For
Charges made shortly before filing can put a debt at risk of being challenged. Here is what petition preparers should look for in a debtor's statements, and what to flag for the attorney.
Petition Drafting TipsHow to Value Property on a Bankruptcy Petition (Never Guess a Value)
A guessed value is the quickest way to draw a trustee's attention. Here is where to find defensible values for every kind of property, and how to document them.
Petition Drafting TipsHow to Request Missing Bankruptcy Documents from Debtors Without Crossing the UPL Line
Incomplete intake is the number one reason bankruptcy petitions stall. Use these scripts, checklists and email templates to get what you need, and stay on the right side of the line.
Petition Drafting TipsHow to Draft a Bankruptcy Petition
What it takes to draft a Chapter 7 or Chapter 13 bankruptcy petition: the step-by-step process, every piece of client information and every document to collect, and the forms and schedules they feed.
Petition Drafting Tips2 Must-Have Items Before Drafting a Bankruptcy Petition
With the exception of emergency bankruptcy petition filings, there are a couple of “must-have” items that a Bankruptcy Petition Specialist needs to have, BEFORE beginning to draft a Chapter 7 or Chapter 13 bankruptcy petition.
Petition Drafting TipsWhich Schedule Do I List Rental Income In?
Recently we received a question from one of our VBAs (Virtual Bankruptcy Assistants) about reporting the rental income and mortgage debt of a client and which schedule to report them in. The scenario...
Petition Drafting TipsDocuments to Provide for a 341 Hearing
Your client is scheduled for a 314 hearing. There are several documents that they will need to provide before the hearing takes place in order for the process to go through.