Initial debtor interview checklist: chapter 11 documents plus a records inventory

For a chapter 11 initial debtor interview, bring what the US Trustee's request letter lists, usually proof of insurance, debtor-in-possession bank account records, recent tax returns and financial statements, and add a short records inventory: each system, its years of history, retention settings, archive locations and who holds admin access. One file then answers every records question.

Why add a records inventory to the IDI file

The initial debtor interview (IDI) is an early meeting in which the US Trustee's office reviews how a chapter 11 debtor will meet its duties: insurance, bank accounts, tax filings, monthly reporting and the state of its books and records. The request letter lists the documents to bring, and the list varies by region and between standard and subchapter V cases. Adding a one-page systems, archives and retention inventory lets the debtor answer every records question from one prepared file.

The inventory also protects value. The same file feeds the schedules of assets, the monthly operating reports, any sale process and, if the estate later licenses records with court approval, a SourceX qualification. Build it once, while the people who know the systems are still on payroll.

The checklist

Confirm every item against the actual letter from your regional US Trustee office. Treat this list as a cross-check, not a substitute.

Documents the request letter commonly asks for

Proof of insurance coverage (general liability, property, workers' compensation and any other policy the letter names).
Evidence that pre-filing bank accounts were closed and debtor-in-possession accounts opened, or the cash management order that provides otherwise.
The most recent federal and state tax returns, and the status of payroll tax deposits.
Recent financial statements and the cash flow projection or budget.
A list of professionals the debtor has retained or plans to retain.
Real property leases and the locations where the business operates.
Organizational documents and the resolution authorizing the filing.
The name of the person who will prepare and sign the monthly operating reports.

Books and records questions to be ready for

Where the books and records are kept and who maintains them.
Which accounting system the debtor uses and who has administrator access.
Whether any records were lost, destroyed or moved before filing.
How records of transactions with insiders can be produced.

The systems, archives and retention inventory

Each system with operating history: name, vendor, cloud or on-premises, account owner, administrator.
Years of history in each, plus legacy systems, old servers and backup media.
Retention settings and auto-deletion rules, and the date each was paused.
Departed employees' mailboxes and drives: retained, archived or deleted.
Subscription status for each system: paid through, renewal date, pre-filing arrears.
Privacy policies and customer notices in effect on the petition date, with earlier versions.
Customer and vendor contract clauses that restrict how data may be used.
Any data licenses, data-sharing or analytics agreements already in place.
Who in management can authorize preservation steps.

How to use the results

Result	What it means	Next action
Every system has an administrator and a paid-through date	Records are under control	Keep the file current and reuse it for the schedules
Retention purges are still running	History is being lost every day	Pause them now and record the date in the file
Key subscriptions are in arrears or near renewal	Access may end mid-case	Raise with counsel and plan exports before any rejection, as in rejecting software subscriptions
A privacy policy restricts transfers of customer data	Any later sale or license of that data faces extra steps	Keep every version; see the privacy note below
Records will outlast operations	A sale or wind-down will leave records with the estate	Decide early who holds them; see structured dismissal after a 363 sale
Nobody can export the data	Records value is at risk	Escalate to the CRO, and reach the vendor through counsel

A privacy note for counsel. If a later sale of customer personal information requires a hearing under section 363(b)(1)(B), section 332 of the Bankruptcy Code has the court order the US Trustee to appoint a consumer privacy ombudsman no later than 7 days before that hearing, and the ombudsman may give the court information such as the debtor's privacy policy. FTC staff have also stated that promises not to use customer data for undisclosed purposes, such as training models, are enforceable wherever they were made, including privacy policies and terms of service. Both points make the dated policy versions in the IDI file worth keeping.

Red flags to raise with debtor's counsel before the interview

Records were moved to a personal account or an insider's company before filing.
The IT lead or managed service provider stopped work over unpaid invoices.
Email or chat retention deletes messages after a short period and nobody has changed it.
Backups exist only on hardware about to be returned to a lessor.
A lender or landlord physically holds the servers.

How the same file supports a later records license

When a debtor holds years of operating records across many systems, the file built for the IDI covers most of what a SourceX qualification needs. To qualify, the debtor must be a US company that had 50+ full-time employees at peak (contractors excluded) and can show several years of documented operations; the estate must hold the rights to the records, and someone with authority has to sponsor the deal, which during the case means the debtor in possession or a trustee with the court's approval.

Debtor's counsel decides whether a license is worth exploring and who signs for the estate.
A partner or the debtor introduces the opportunity to SourceX; nobody shares records at this stage.
SourceX qualifies the company, and the estate builds its data inventory from the IDI file.
Price and terms are agreed, and counsel brings the license to the court.
Buyers review, the agreement is signed, the data is prepared under agreed redaction rules and the estate is paid; the cash collateral page on license proceeds covers where the money goes.

When records are sold with the business instead, bidders will work through the 363 sale due diligence checklist, and the IDI file answers most of it. Partners earn 25% of the eligible platform fees SourceX actually collects from the referred company's licensing deals, capped at $100,000 per referred company, payable only after the buyer pays and SourceX receives its fee; no reward is guaranteed. Debtor's counsel and other estate professionals should check their state's professional conduct rules and the retention order before considering any referral arrangement.

This is general information, not legal, tax or financial advice. Confirm with your own counsel or professional body before acting.

Next step

Add the records inventory to the IDI binder this week, run the debtor through the company fit checker for a preliminary read, and register as a partner if the records look licensable.

Step 1Share your linkSend your personal link to a company you know.
Step 2Company appliesThe company applies itself at /apply.
Step 3Buyer selects and paysThe buyer selects and pays for the data and SourceX receives its fee.
Step 4You get your rewardYour share of SourceX fees becomes payable.

Common questions

Who usually attends the initial debtor interview?

Typically the debtor's principal or another officer who knows the finances, debtor's counsel, and a bankruptcy analyst or attorney from the US Trustee's office. The bookkeeper or outside accountant often joins, because many questions concern accounts, taxes and monthly reporting. In subchapter V cases the subchapter V trustee may also attend. The request letter says who must be present.

How is the initial debtor interview different from the meeting of creditors?

The initial debtor interview is an informal meeting with the US Trustee's office, usually held soon after filing, to review the debtor's duties and documents. The meeting of creditors comes later, takes place under oath, and creditors may attend and ask questions. Preparing well for the first makes the second easier, since the same records questions come up in both.

Should the records inventory be filed with the court?

Not as a standalone document in most cases. It is a working file that supports what the debtor does file, including the schedules of assets and the statement of financial affairs, and it answers questions from the US Trustee's office. Debtor's counsel decides what to share and when, especially where the file mentions customer data or confidential contracts.

Can a debtor license its records during a chapter 11 case?

Possibly, and in most cases only with court approval, because licensing operating records is usually outside the ordinary course of business. Counsel files a motion on notice to creditors, and lenders with liens or cash collateral rights may need to consent. A prepared records file shortens the work, since systems, years of history and rights notes are already documented.

Does a subchapter V debtor need the same records inventory?

The interview covers similar ground and the same records questions arise, so the inventory is just as useful. Smaller debtors often have fewer systems but also fewer people who understand them, which makes recording administrators, retention settings and paid-through dates early even more important. For licensing, SourceX's baseline still applies: 50+ full-time employees at peak, contractors excluded.

Free resources

MOIC calculator — Multiple on invested capital from realized and unrealized value.
PDF bank statement to CSV converter — Turn Chase, Bank of America or Wells Fargo PDF statements into CSV, privately in your browser.
Client data licensing eligibility checker — A transparent preliminary screen for one company.
All free tools · MCP resource center

By SourceX Partnerships Team · Published 2026-10-09 · Updated 2026-10-09

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