Law Offices of Buddy D. Ford, P.A.

“Representation with Dignity”
Since 1987

Local: 813-302-1258
Toll-free: 866-596-9247
Call Us

Reporting requirements for Chapter 12 bankruptcy

In the case of a Chapter 12 bankruptcy, a voluntary petition should be filed, and after this has been filed, a United States trustee may want to meet with you along with your attorneys. This is generally held within seven to 10 calendar days after the voluntary petition is filed. This meeting will be a general discussion on your financial situation and how Chapter 12 bankruptcy operates.

This meeting will then be followed by a meeting between creditors within 20 to 25 days after the filing of your petition. You and your attorney should appear, and you will be examined under oath.

The closing of accounts

All bank accounts that were held pre-petition must be closed upon the filing of the petition. This includes any accounts that you have ownership of or access to. In the same light, all books and records must also be closed upon the date of the petition.

Reporting requirements

Within seven calendar days after filing the petition, you must provide all certificates of insurance to the Chapter 12 trustee. This is for the purpose of showing that all insurance policies in regards to the state are valid and working in full force. The types of insurance generally required are public liability insurance, casualty coverage, workers' compensation and vehicle insurance.

You must also provide a report that forms a summary of operations and a monthly operating report. As a debtor under Chapter 12, you also have the duty to file income tax returns in a timely manner.

Source: Justice.gov, "Chapter 12 reporting requirements," accessed Aug. 23, 2017

No Comments

Leave a comment
Comment Information
American Board of Certification Avvo Client's choice 2013 chapter 11 Avvo Rating 10.0 Superb Top Attorney Chapter 11 2017 | Best Of Tampa Bay | Profile Series

Board Certified - Business bankruptcy law American Board of Certification