What is the process of filing for bankruptcy?

Answer 1

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).

Answer 2

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.

Answer 3

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.

Answer 4

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.

Answer 5

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.

Answer 6

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.

Answer 7

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