When you file for bankruptcy protection, the Petition’s got some interesting friends that come along for the ride.
Your bankruptcy petition is three simple pages, calling for some simple bits of information.
It’s the gateway to the bankruptcy case, with every answer spilling into more questions.
Tread lightly or you may spring a trap.
Exhibits To You Bankruptcy Petition
If you’re a publicly-traded company, you’ve got to complete Exhibit A of the bankruptcy petition. But let’s face facts – if you’re filing a case on behalf of a publicly traded company then you likely have a lawyer. Or a team of lawyers. And if you don’t, then you’ve got bigger problems.
Exhibit B, reserved for your bankruptcy lawyer (unless you don’t have one – in which case you don’t need to worry about this piece of information), is a declaration that the lawyer told you about all the different types of bankruptcy protection that’s available to you.
Exhibit C asks about whether you, “own or have possession of any property that poses or is alleged to pose a threat of imminent and identifiable harm to public health or safety.” We’re talking about explosives, dangerous chemicals, and things like that. If you’ve got a garage full of fireworks for July 4, a vat of cleaning solvents, or a lab of chemicals then you’re going to want to take a look at this Exhibit carefully.
Exhibit D is your statement of compliance with the pre-bankruptcy requirement for credit counseling. Failure to file this certification may jeopardize your bankruptcy case entirely.
Without Exhibits, Your Bankruptcy Fails
Though these are called Exhibits, these items are by no means to be seen as afterthoughts to your bankruptcy petition.
They’re not only important, but also required in order for your petition to be seen as complete. Drop the ball by filing a petition without required exhibits and you’ve doomed your case to failure before you’ve gotten past the initial documents.