Chapter 11 Bankruptcy is a court provision that affords you a temporary stay against creditor collection activities, allowing you time to reorganize and negotiate for repayment of your debt without losing profitability. The following section-by-section summary outlines the different sections when filling out a Notice of Chapter 11 Bankruptcy (For Individuals and Joint Debtors)—also known as Official Form 309E, also referred to as the bankruptcy petition for relief. (Since the process can get complex, strongly consider working with a qualified attorney to file.)
Sections of Form 309E
- Enter your full name and the other debtor’s name, if applicable
- Enter any other names you’ve used in the past 8 years (for instance, including and/or excluding your middle name or initial(s)).
- Write your address. If the other debtor lives at a different address, you’ll need to provide that address as well.
- Provide your attorney’s name, address, phone number and email.
- Enter the office of the bankruptcy clerk, where case documents will be filed. All records in your case will be available for inspection there. (You can also view these online at https://www.pacer.gov.) Include the phone number and office hours for the clerk.
- This section gives the date and time for the meeting with your creditors, where you and the other debtor will give testimony under oath. Input this date and time when you know it. Debtors are required to attend this hearing; your creditors are not required to do so.
- This section is the Deadlines section, giving your creditors information as to when they need to file an objection to the discharging of your debt or to file a proof of claim to participate in the bankruptcy discharge.
- This line item is instructions for creditors—you can ignore it.
- This item gives a brief summary of the filing process. Importantly, it tells you that: “A plan is not effective unless the court confirms it. You may receive a copy of the plan and a disclosure statement telling you about the plan, and you may have the opportunity to vote on the plan.”
- This section explains how your debts will be discharged upon confirmation. Points you need to know: a) Debts are not discharged until you’ve paid in full according to the agreement; b) Once a debt is discharged, creditors may not seek further payment from you; and c) You must file separate complaints if you feel a certain creditor should either be excepted or excluded from the discharge.
- One of the most important bits of information in the form. The Exempt Property section includes information about exempt assets. It is allowable to hold these exemptions. Therefore, not used in the discharge of your debt. The section also has information on how to claim those exemptions.
If you need experienced assistance in filing an Official Form 309E for individual Chapter 11 Bankruptcy in New Jersey, we are here to help. Call Lucid Law for an appointment today at (908)741-4553.