Jan 10, · Bankruptcy can be understood as a financial state, whereby a person is declared insolvent by the court, resulting in legal orders directed to resolve insolvency, i.e. to dispose of personal assets to discharge obligations. On the other hand, liquidation may be defined as the process of winding up of company’s affairs by disposing-off assets, in order to discharge liabilities of the debenture. In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information: A list of all creditors and the amount and nature of their claims; The source, amount, and frequency of the debtor's income; A list of all of the debtor's property; and. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule Your Statement of Financial Affairs for Individuals Filing for Bankruptcy (individuals) | United States Courts.