Puerto Rico Voluntary Petition - Form 1

State:
Multi-State
Control #:
US-BKR-F1
Format:
PDF
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Description

This form is a voluntary petition. The form contains the following information: type of debtor, nature of the debts, estimated assets, and estimated debts.

How to fill out Voluntary Petition - Form 1?

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FAQ

Unsecured priority debts include recent income tax debts, past due child support, past due spousal support and other past due domestic support obligations. Also included are administrative expenses.

Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property (as opposed to a person), debts incurred to pay nondischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.

What are priority debts? Priority debts are those that carry the most serious consequences if you don't pay them. These don't have to be the largest or debts with the most expensive interest rates, but if you don't pay them it could lead to serious problems. Priority debts include: court fines.

Debts have different degrees of priority. The debts that must be repaid in Chapter 13 are priority debts including child support, alimony, certain taxes, and wages owed to employees. Your plan must also address your secured debts. Secured debts are those that are secured by collateral, such as a mortgage or car loan.

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Puerto Rico Voluntary Petition - Form 1