Property Managers + Bankruptcy Filing: The Challenge
As property manager, 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 Property Managers with Bankruptcy Filing
Convert property management bank statements to Excel to reconcile rent payments, track maintenance costs, and prepare owner distribution reports. For bankruptcy filing specifically, BankScan AI extracts Current Monthly Income (CMI) for means test, payments to creditors in the 90 day automatically.
How Property Managers Handle Bankruptcy Filing
When preparing bank statements for bankruptcy filing, property managers need to Property managers collect rent from tenants via ACH or check, pay property owners their distributions after deducting management fees and expenses, co. BankScan AI automates the data extraction step.
Key terms you'll encounter: owner distribution, CAM charges, security deposit trust, rent roll.
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 property managers 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 Property Managers — Bankruptcy Filing
- Built for Property Managers — Saves 4-6 hours per week on rent collection reconciliation and owner distribution preparation for a property manager with 100+ units
- Software compatible — Output works directly with AppFolio, Buildium, 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: Property Managers + Bankruptcy Filing
When property managers prepare bank statements for bankruptcy filing, specific compliance requirements apply.
- State property management licensing requirements vary but generally require trust account compliance for tenant funds. Security deposit laws mandate separate accounts in many states. Fair housing regulations intersect with financial records. IRS 1099 reporting is required for owner distributions and vendor payments over $600.
- 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 Property Managers
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 — Property Managers + Bankruptcy Filing