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Good question. There is a common misconception that bankruptcy is simple to file for and everyone who does so gets approved. In reality, neither of those are true. Successfully completing a bankruptcy proceeding can be a difficult process. However, there is a good deal of work you must do before you can file for bankruptcy.
First, you are required to complete a "means test." This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim.
The next step involves undergoing credit counseling. Bankruptcy law requires that you complete this counseling before going through the bankruptcy process.
Finally, you can file for bankruptcy. In addition to filing, you must submit a bundle of paperwork with the Bankruptcy court. This paperwork includes information about your income, debts, assets, and personal information.
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What if you miss your court day when filing bankrupt?
what can happen if you are filing bankrupt and you miss your court date
How do you file bankrupt?
By filing a BK petition in your local BK court.
What will you have to pay to go bankrupt?
Just the filing fee which is around 300.00.
How can i explain to the courts if I'm filing bankrupt and my tenant is no longer paying me rent?
Your bankruptcy has noting to do with your tenant. If you were not filing, he would still owe you the rent.
Does filing bankrupt affect income tax?
Like most things, it can...sometimes well sometimes not...depends on situation.
How long have to apply for a credic card after bankrupt?
You can apply for a credit card immediately after filing for bankruptcy. You are more likely to receive a secured credit card after filing however. If you can wait 6-12 months after filing, you will have a better chance of receiving a positive response.
When can you open a bank account after being declared bankrupt?
You can open a bank account immediately after filing for bankruptcy. There really is no waiting period.
What are some steps for filing back taxes?
There are a number of steps that one should take when filing back taxes. One of the first steps would be to obtain not only the financial records needed for that year, but also the relevant tax forms.
Can you still hold your personal alcohol license if you are made bankrupt?
I was made bankrupt on June 6th this year 2008 i already held a personal licence can i still use it
What steps are necessary to declare yourself bankrupt?
To declare one's self bankrupt they must first complete a Debtor's Petition and Statement of Affairs that must be passed in to ITSA. They will then process the forms.
What is the definition of a Chapter 11 filing?
This means that a company is on the verge of bankruptcy and if something in the company doesn't change, that there is a definite chance of going bankrupt.
What are the advantages of going bankrupt?
"The advantages of filing for bankruptcy are that if bill collectors are calling all of the time, they aren't legally allowed to call you anymore."
