Accountants + Bankruptcy Filing: The Challenge
As an accountant, preparing bank statements for bankruptcy filing is a common but time-consuming task. Bankruptcy attorneys and filers need 6+ months of bank statements for means testing, Schedule I/J preparation, and trustee review in Chapter 7 and Chapter 13 cases.
How BankScan AI Helps Accountants with Bankruptcy Filing
BankScan AI lets you drag-and-drop any client's bank statement PDF and get a formatted Excel spreadsheet in seconds — ready to import into Xero, QuickBooks, or Sage. For bankruptcy filing specifically, BankScan AI extracts Current Monthly Income (CMI) for means test, payments to creditors in the 90 day automatically.
How Accountants Handle Bankruptcy Filing
When preparing bank statements for bankruptcy filing, accountants need to Accountants typically receive client bank statements monthly, reconcile them against purchase and sales ledgers, post adjusting entries, and prepare m. BankScan AI automates the data extraction step.
Key terms you'll encounter: nominal ledger, bank reconciliation, trial balance, management accounts.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 6 months of statements for means test (CMI calculation); trustees may request up to 2 years to identify preferential or fraudulent transfers of statements for bankruptcy filing.
AI extracts what you need
Our AI extracts Current Monthly Income (CMI) for means test, payments to cre — formatted for accountants workflows.
Complete your bankruptcy filing work
Download Excel files ready for bankruptcy filing. Income averaged over 6-month look-back period per means test form (B122A/B122C); expenses categorized per Schedule J; transfers over $600 in prior 2 years identified for SOFA
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Accountants — Bankruptcy Filing
- Built for Accountants — Saves an average of 45 minutes per client per month on bank reconciliation, or 6+ hours per week for a typical practice with 30 clients
- Software compatible — Output works directly with Xero, Sage, QuickBooks
- Built for Bankruptcy Filing — Convert bank statements to Excel for quick means test analysis, income/expense categorization, and complete financial disclosure required by bankruptcy courts.
- Key data extracted — Current Monthly Income (CMI) for means test, payments to creditors in the 90 days pre-filing (preferential transfers), insider payments in prior year, cash on hand at filing date
Compliance: Accountants + Bankruptcy Filing
When accountants prepare bank statements for bankruptcy filing, specific compliance requirements apply.
- Accountants must comply with anti-money laundering (AML) regulations requiring them to verify client bank transactions. HMRC Making Tax Digital mandates quarterly digital submissions, and ICAEW/ACCA practice standards require accurate record-keeping with full audit trails.
- Legal basis: 11 USC section 707(b) (means test for Chapter 7); 11 USC section 521 (debtor duties including document production); Bankruptcy Rules 1007 and 4002
Bankruptcy Filing — Built for Accountants
Bankruptcy petition triggers automatic stay immediately; however, required documents (including bank statements) must be filed within 45 days or the case may be dismissed
Try Free — Accountants + Bankruptcy Filing