Maine Bankruptcy Guide and Forms Package for Chapters 7 or 13
About this form
The Maine Bankruptcy Guide and Forms Package is a comprehensive resource for individuals filing for Chapter 7 or Chapter 13 bankruptcy. This package includes all necessary legal forms drafted by licensed attorneys, along with detailed instructions and supporting information. It helps users understand the distinct aspects of each bankruptcy chapter, ensuring they choose the appropriate route based on their financial situation.
Form components explained
- Chapter 7 Statement of Your Current Monthly Income (Official Form 122A-1)
- Chapter 7 Means Test Calculation (Official Form 122A-2)
- Schedule C: The Property You Claim as Exempt (Official Form 106C)
- Chapter 13 Repayment Plan Template
- Instructions and resources for filing bankruptcy
Common use cases
This form package is essential when individuals are facing insurmountable debt and are considering filing for bankruptcy protection. You should use this package when deciding whether to opt for Chapter 7, which involves liquidation of non-exempt assets, or Chapter 13, which allows for repayment plans over a specified period. It is advisable to consult with an attorney when navigating this process.
Intended users of this form
This package is intended for:
- Individuals facing financial difficulties, including married couples.
- Single individuals or sole proprietors looking to discharge debts.
- Anyone looking for a structured way to repay debts through Chapter 13 bankruptcy.
- Those who prefer a guided approach to filing bankruptcy without mandatory attorney representation.
How to prepare this document
- Determine whether you will file under Chapter 7 or Chapter 13 based on your financial circumstances.
- Fill out the Chapter 7 Statement of Your Current Monthly Income (Official Form 122A-1) if filing under Chapter 7.
- If applicable, complete the Chapter 7 Means Test Calculation (Official Form 122A-2) to assess your eligibility.
- List any exempt property using Schedule C (Official Form 106C) to protect certain assets from liquidation.
- For Chapter 13, create a repayment plan detailing how you will pay your creditors over time.
Is notarization required?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to accurately report current monthly income on the required forms.
- Not understanding which debts can be discharged under Chapter 7 or Chapter 13.
- Omitting property on Schedule C that may be exempt from liquidation.
- Neglecting to consult an attorney for legal advice, leading to possible case dismissal.
Advantages of online completion
- Convenient downloadable formats for easy access and printing.
- Up-to-date forms and guidance ensure compliance with current laws.
- Edit and customize forms to fit your specific needs without confusion.
- Access to additional resources and information to assist with understanding the bankruptcy process.
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FAQ
Chapter 13 typically lasts for 3 to 5 years and involves a repayment plan, where you pay some or all of the money owed to your creditors over the length of the plan. Written by Attorney Eva Bacevice. A Chapter 13 bankruptcy case will typically take between three and five years to complete.
What Documents Do You Need to File for Bankruptcy? Tax Returns. Income Documentation. Vehicle Registration, Proof of Value & Insurance. Retirement And Bank Account Statements. Identification. What Information Do You Need to Complete the Bankruptcy Forms? Credit Counseling Requirement.
A completed Chapter 13 bankruptcy can stay on your credit reports for up to seven years from the date you file. But some creditors could view a Chapter 13 bankruptcy more favorably than a Chapter 7 bankruptcy. It could be an indication that you repaid more of your debt.
Generally, a debtor can convert a bankruptcy case one time with court approval.To convert a Chapter 7 case to Chapter 13, the debtor must meet the eligibility requirements for filing a Chapter 13 case. That includes having enough income to repay creditors under a payment plan.
You take and complete a credit counseling course. You'll prepare the bankruptcy petition and the proposed Chapter 13 plan. You file your bankruptcy petition, proposed plan, and other required documents. The court appoints a bankruptcy trustee to administer your case. The automatic stay takes effect.
The Overall Chapter 13 Average Payment. The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation.
Debts You Must Pay in Full Through Your Plan. Add up the following debts and divide by the number of months your plan will last. Secured Debt Payments on Property You Want to Keep. Unsecured Debts. Length of Your Repayment Plan.
However, when you file for bankruptcy, you never really have to go to court. The only appearance you are required to make is attending the 341(a) Meeting of Creditors. The 341(a) Hearing is held around 30-35 days after your bankruptcy case is filed.
Identifying Information. The Voluntary Petition for Individuals Filing for Bankruptcy form acts as the cover sheet for your paperwork. Your Property. Your Exempt Property. Your Collateralized Debt. Your Other Debt. Your Contracts and Leases. Your Codebtors. Your Income.