Bankruptcy – The Bankruptcy Information Sheet
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What Is the U.S. Trustee’s Bankruptcy Information Sheet?
The U.S. Trustee Program, part of the Department of Justice, requires all individuals who file for bankruptcy to review the Bankruptcy Information Sheet. This sheet is a short, plain-language document that explains key facts about bankruptcy before a case can proceed. It is not a substitute for legal advice, but it ensures that every consumer has a baseline understanding of their rights, responsibilities, and alternatives.
What the Information Sheet Covers
The Information Sheet explains:
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Types of Bankruptcy: It outlines the most common chapters available to consumers—Chapter 7 (liquidation) and Chapter 13 (repayment plan).
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The Role of a Bankruptcy Discharge: What it means to have debts discharged, and the limits of what bankruptcy can do.
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Alternatives to Bankruptcy: Reminders that debt settlement or negotiation may be options outside of bankruptcy.
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The Role of Creditors: That creditors may object to the discharge of certain debts, especially those incurred through fraud or misconduct.
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Obligations of the Debtor: The requirement to be truthful and cooperative, since bankruptcy is a federal legal process.
Why Reading It Is Important
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It’s Required – Every debtor must confirm that they’ve reviewed this document. Courts and trustees will not move a case forward otherwise.
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It Protects You – Bankruptcy has serious and long-term financial consequences. Reading this ensures you understand what’s happening before you commit.
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It Levels the Playing Field – Not all consumers have access to legal advice before filing. This sheet provides essential, standardized information to everyone.
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It Helps You Avoid Mistakes – Many cases can be delayed or dismissed if debtors don’t fully understand their obligations.
Where to Find the Official Information Sheet
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English Version (PDF): U.S. Trustee Bankruptcy Information Sheet – English
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Spanish Version (PDF): Bankruptcy Information Sheet in Spanish – Hoja De Información Sobre Bancarrota
