Bankruptcy Tools

Worksheet: If You Are Considering Bankruptcy

1. Do you have loans that are “secured” with your property? Yes / No

Examples of secured loans are your mortgage and your car loan.

2. Do you have debts that are exceptions to discharge? Yes / No

Examples of debts that are not dischargeable are student loans and child support.

Note: Some debts that are not dischargeable in a Chapter 7 bankruptcy may be dischargeable in a Chapter 13 bankruptcy. An experienced bankruptcy practitioner can help you determine whether certain debts will be discharged in a Chapter 13 case.

3. Are you past due on your mortgage or car payments? Yes / No

4. Do you anticipate incurring additional debt in the near future? Yes / No

5. Have you filed bankruptcy within the last eight years? Yes / No

6. Are some of your debts “cosigned” or guaranteed by others? Yes / No

7. Do you have any debts to family members or close friends? Yes / No

You must list those debts on your bankruptcy schedules because all of your debts must be listed.

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