What is the meaning of debtor's petition for bankruptcy?

What is bankruptcy notice and bankruptcy petition?

The bankruptcy petition is the document filed with the court that includes all your debt, assets, creditors and debtors, as well as personal information. Preparing this takes time and expertise, so consult a local attorney. The lawyers at Allied Bankruptcy are here to assist you in this, call 1 (800) 988-0422 The Bankruptcy Notice is what is sent out to everyone listed in the petition.

What is a debtors petition?

The one declaring bankruptcy, or in debt, is the debtor. Any thing they file or claim in the proceeding can be called a petition. Normally it is used to mean something they are asking the court to do. "The debtors petitions the court to discharge their obligation to pay the debts listed...."

When to notify debtors you are filing bankruptcy?

The debtor's petition must be completed and lodged with the Official Receiver within 28 days of the form being signed by you.

Is there a sample letter to notify debtors of bankruptcy?

There are letters that attorneys use to notify creditors of a debtors bankruptcy. This letter states that the individuals have filed bankruptcy and the creditors are to cease all contact and attempts to collect their debt.

A Glossary of Legal Terms Associated With Consumer Bankruptcy & Debt?

Here is a brief glossary of legal terms associated with bankruptcy and debts which can help readers understand some of the common legal terms associated with the bankruptcy process. A: Automatic Stay: An automatic stay is the court order issued by a bankruptcy court that stops debt collection attempts which are made against someone who files for bankruptcy protection. Avoidance: Avoidance is a legal term that describes the ability of debtors to avoid certain types of liens that make it difficult for the debtor to claim an exemption used in the bankruptcy process. B: Bankruptcy Code: The Bankruptcy Code is the set of state and federal laws which govern the bankruptcy process. Debtors use certain chapters, or sections, of the Bankruptcy Code to petition for bankruptcy relief. C: Chapter 7: Chapter 7 is the section of the Bankruptcy Code which allows consumers to sell everything that is legally allowed to be sold to satisfy creditors’ claims. Chapter 13: Chapter 13 is the section of the Bankruptcy Code which allows individuals to set up payment plans to pay back at least a part of their debts back to their creditors over a 3 to 5 year period. Collateral: The property that is used to satisfy a lien is called collateral. Confirmation: The legal process by which debtors agree to repay a debt that is dischargeable in a bankruptcy is called confirmation. D: (To) Discharge: The discharge process is the legal process that is used to eliminate a debt during the bankruptcy process. E: Exemptions: Exemptions are special concessions that debtors can use to protect various personal items from their creditors. L: Lien: A lien is a legal interest in a piece of real estate or personal property that is used to secure a debt. M: Means Test: The means test is an initial process used to determine if a consumer qualifies for bankruptcy relief. Some debtors may be excused from taking the means test if they meet certain requirements. Meeting of Creditors: A meeting of creditors is a formal legal proceeding that is used to review the debtor’s petition for bankruptcy relief. P: Petition: A petition is the formal legal process by which debtors ask for bankruptcy relief. A petition is also the set of formal documents used to process a bankruptcy case. S: Schedules: Schedules are the formal documents that list all of the debtor’s assets and liabilities.

How long does a bankruptcy stay on your credit report in ms?

A bankruptcy usually stays on your credit report for 7 years. If you forgetadebt on the bankruptcy petition, it may may be 7 years from the time the bankruptcy petition was amended, but otherwise it is from the time the bankruptcy became file.

Can a judgment be dismissed if you file for bankruptcy?

To get technical, a bankruptcy does not "dismiss" a judgment. However, the end result is the same- a bankruptcy will "discharge" the debtors responsibility to pay the judgment which makes unenforceable - uncollectible. It is against Federal law to try and collect funds that have been discharged in bankruptcy. Prior to the discharge in a bankruptcy, and IMMEDIATELY after the filing of your bankruptcy petition, an "automatic stay" by the court is put in place to freeze all collections actions against you. There are several exceptions which include certain taxes, student loans and fraud.

What tests can be used to dismiss a bankruptcy petition?

The tests that may be used by the Bankruptcy Court in dismissing a petition for abuse include a median income test and a means test.

What are the classification of debtors?

what are the classifications of debtors? what is the meaning of debtor exceeding 6 months & debtors for the year? how to calculate this?

Can I contact debtor regarding funds owed to me post petition or after bankruptcy filing date?

Yes, post petition debt are not dischargeable and a post petiton creditor is not subject to the automatic stay (meaning the court will not prevent you from collecting on the debt)

Is there a maximum allowable fee chargeable by a bankruptcy petition preparer?

Most states require a preparer to be an attorney, and some bankruptcy courts have established a rule setting a maximum "no-look" fee for attorneys, meaning an attorney can charge more, but has to get the fee approved by the bankruptcy court.Check your local jurisdiction's bankruptcy court website for such a rule.

Can home owners association fees be included in a bankruptcy?

Your bankruptcy attorney can help you decide what to include in your filing petition.