List Chapter 7 With 5

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US-BKR-F4
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Description

The List of Creditors Holding 20 Largest Unsecured Claims form (B4B) is essential for debtors filing under chapter 7 bankruptcy, providing a detailed account of the top 20 unsecured creditors. This form is compliant with the Federal Rules of Bankruptcy Procedure, ensuring adherence to legal standards. Users need to provide the name, address, nature of the claim, and the amount owed for each creditor listed. Notably, creditors categorized as insiders or secured creditors are excluded unless they meet certain criteria. It's crucial to properly document claims involving minor children by using initials and including a guardian’s name to protect confidentiality. This form helps maintain clear communication with creditors and is significant for lawyers and their clients in accurately reporting unsecured liabilities. Attorneys, partners, and legal assistants will find it valuable in representing clients during bankruptcy proceedings. Working through the form requires attention to detail and an understanding of bankruptcy laws, making it an important tool for anyone involved in insolvency cases.

How to fill out List Of Creditors Holding 20 Largest Secured Claims - Not Needed For Chapter 7 Or 13 - Form 4 - Post 2005?

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FAQ

A creditor matrix contains each creditor's name and mailing address. This information is used for noticing and claims information. The debtor is required to provide a list of ALL creditors.

If a filer qualifies for an exception to the means test, they will file Form 122A-1Supp. You can earn a high income and still pass the means test if you have substantial expenses like a hefty mortgage, multiple car payments, taxes, childcare, health care, or care of an elderly or disabled person.

You can prepare a List of Creditors by creating one using a computer and word?processing software. After completing the List of Creditors, you then submit the List of Creditors to the Court as a . txt file on electronic media (such as a CD, DVD, or flash / thumb drive).

The means test is calculated by comparing the debtor's average income for the past six months (current monthly income), annualized, to the median income for households of the same size in the debtor's state of residence.

This formula takes a look at the amount of disposable income compared to the level of unsecured debt. If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing.

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List Chapter 7 With 5