It is recommended that one employs an experienced bankruptcy attorney to guide you through the process. However, it is not legally necessary.
In order to file bankruptcy you need to file a bankruptcy petition and, if filing as a chapter 13 case, then propose a repayment plan.
The U.S. Bankruptcy Court website has all the forms you need to fill out: http:/www.uscourts.gov/bankruptcycourts.html
Here are the things you'll need:
- Credit Counseling Certificate. You do these online from many companies. One company we use is bkcert.com
- Last 3 years of tax returns.
- Last 6 months of pay stubs (aka pay advices) if applicable.
- credit report (free online)
After you file you'll have to attend a meeting called the 341 Meeting in which you have an interview with the trustee in charge of your case. It can last anywhere from 15 mins to an hour depending on the complexity of your case. They are usually held 1 month from the time of filing.
If you are a chapter 13 then you need to have your plan confirmed. This usually happens about 1 month after the 341 meeting.
In a chapter 7 you should receive your discharge 5 months after filing.
In a chapter 13 you receive you discharge after completion of the plan (3 to 5 years).
The first step in a bankruptcy filing is gathering your financial information.
Next step, you will need to fill out the bankruptcy forms, known as schedules.The fees are $200 to file Chapter 7 bankruptcy and $185 for Chapter 13.
Filing for bankruptcy involves a lot of paperwork and court appearances. The first step that needs to be decided is what kind of bankruptcy you are going to declare. Next, you will fill out papers with a lawyer that outlines the steps necessary to complete the bankruptcy. Finally, you will appear before a judge. In brief, that is the process, but it can take a lot of time for a bankruptcy to completely file, and will stay on your record for 7 years.
Filing for bankruptcy is a process and you should look into the advantages and disadvantages before doing so. The process takes about four to six months, with filing and administrative fees, and one trip to the courthouse. Other things that you must do include:
* Filling out a two-page petition and other forms (describing your property, income, monthly living expenses, debts, exempt property, property owned and money spent in the previous 2 years, and property given away in the previous 2 years)
* Filing the petition/forms with the bankruptcy court in your area
* Filing results in an automatic stay, meaning your creditors cannot collect what you owe them
* Nothing can be sold or paid without the court's consent
* The court-appointed bankruptcy trustee goes through your papers and asks you questions at a short hearing (a creditors' meeting)
* After the meeting, the trustee takes your nonexempt property to be sold. This may include:
o Surrendering your property
o Paying the fair market value
o Swapping exempt property of equal value for nonexempt property
Finally, you can have your Chapter 7 claim dismissed as long as the dismissal will not harm your creditors.
In order to file for bankruptcy you will need to complete a Statement of Affairs and a Bankruptcy Petition form. You will find these either at your nearest county court, or available online to download. There will most likely be court and other administration fees involved in this process.
There are several steps involved in claiming bankruptcy. Some of these include: finding and contacting a licensed trustee, applying for bankruptcy, and paying the subsequent court fees associated with filing a bankruptcy.
There are many websites which say they will aid you in filing for bankruptcy but many people have been conned by these sites. Therefore the best place to go to for advice would be you bank and they will be able to refer you to a reliable source of help.
big meat
Filing for bankruptcy is a complicated process and one should consider hiring a lawyer to help with the filing process. You also need to undergo credit counseling and be aware of what type of bankruptcy to file.
generally filing for bankruptcy puts a stay on the collection of debts, including a foreclosure. get in touch with a bankruptcy atty asap, because there are things you are required to do before filing.
Corporate Bankruptcy Filing is the name given to the process when a business becomes insolvent and unable to meet their debt commitments. This is in contrast to personal bankruptcy where an individual becomes insolvent.
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.
APA stands for "Automatic Payment Avoidance." It is a term used in bankruptcy to describe the process where a debtor stops making automatic payments to a creditor after filing for bankruptcy.
Set them straight, what ever position you or they are in.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.
Of course...in fact it is the best way to go about it.