Just how Chapter 7 Functions
A chapter seven situation begins with the fresh debtor processing a petition towards bankruptcy court helping the area where in fact the personal existence otherwise in which the organization debtor are structured or has its own dominant office or dominating assets. (3) Plus the petition, this new borrower must also file towards the legal: (1) dates out-of possessions and you will obligations; (2) a timetable away from latest income and you will expenses; (3) an announcement out of economic products; and (4) a schedule out-of executory deals and you will unexpired leases. Provided. Roentgen. Bankr. P. 1007(b). Debtors must provide the assigned instance trustee that have a duplicate of your own income tax return otherwise transcripts for the most previous income tax 12 months also tax returns recorded within the case (together with taxation statements having previous many years that had maybe not started filed when the instance first started).