How to File Bankruptcy in Alaska – Step 5
Filling Out Forms
After you speak with a debt counselor, he or she will request that you take home and complete a lengthy form Typically, these questionnaires are several pages long and require that you provide substantial details regarding income, assets, debts, and other relevant information, such as transfers of property Plan on spending several hours, and possibly several days, to complete this questionnaire.
Exemptions are determined by state law, and therefore they vary (sometimes considerably) from state to state.
There are also federal exemptions pursuant to the U.S. Bankruptcy Code. Some states give debtors an option to choose between either state or federal exemptions. However, in Alaska, only state exemptions are allowed.
Common Alaska Bankruptcy Exemptions
| Homestead | $70,200 homestead exemption |
| Automobile | One motor vehicle to the extent of a value not exceeding $3,900 if the full value of the motor vehicle does not exceed $26,000. |
| Household Goods |
Personal property not to exceed an aggregate value of $3,900 |
| Books and Art Objects | See “Household Goods” |
| Wearing Apparel |
See “Household Goods” |
| Furs and Jewelry | Jewelry not exceeding $1,300 in aggregate value |
| Tools of the Trade | Implements, professional books, and tools of the trade not exceeding $3,640 in aggregate value |
There are a few things that you need to keep in mind when completing your questionnaire
1. Answer all bankruptcy questions honestly.
Bankruptcy documents filed with the Court are signed under the “penalty of perjury” If you knowingly or fraudulently submit inaccurate information, such as failing to disclose assets, reporting income wrong, or using a false Social Security number, you may be fined and even imprisoned
The U S Trustee Program, a division of the U S Department of Justice, randomly audits Chapter 7 cases and will prosecute fraudulent behavior 2. Answer all bankruptcy questions thoroughly.
The questionnaire may seem overwhelming. Avoid the temptation to rush through it. Answer every question thoroughly. Be completely honest and do omit any information.
Order a copy of your credit report, you should do this, in order to make sure you list all creditors Make sure you also list debts owed to family members, friends and relatives, as well any debts that are disputed or the subject of a pending lawsuit
2. Answer all bankruptcy questions accurately.
Make sure all information is listed accurately For example, if an inaccurate address is provided for a creditor, that creditor may not receive notice of your Chapter 7 filing
3. Provide copies of supporting documentation.
When possible, provide the Credit Counselor and your free legal services officer with copies of supporting documentation, including: bank statements, loan paperwork, credit card bills, tax returns, pay stubs, recent appraisals and asset valuations.
After completing and returning the questionnaire to your counselor, he or she will draft a copy of all the pleadings that are required to initiate a case. If your legal services officer, does not do this service, then you will need to refer to the State Instructions listed in the side links.
How to File Bankruptcy in Alaska – Step 1
How to File Bankruptcy in Alaska – Step 2
How to File Bankruptcy in Alaska – Step 3
How to File Bankruptcy in Alaska – Step 4
How to File Bankruptcy in Alaska – Steps 6 to 10
While the information presented is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for reference to the United States Bankruptcy Code (title 11, United States Code) and the Federal Rules of Bankruptcy Procedure, both of which may be reviewed at local law libraries, or to local rules of practice adopted by each bankruptcy court. Finally, this publication should not substitute for the advice of competent legal counsel.