Bankruptcy Filing Services

Bankruptcy Filing can solve many of your problems but if not done with adequate care then the same can cause you more trouble than solving any. While filing for bankruptcy it would be a wise option to employ the services of a Bankruptcy Attorney

Bankruptcy filing might sound simple but in reality it is not so. Filing for bankruptcy is an important step in bankruptcy and it is for the same reason that adequate care should be taken while filing a bankruptcy application. In depth knowledge of bankruptcy law is an essential pre requisite of filing for bankruptcy.

Bankruptcy filing solves many of your problems like trustee sale, credit collection activities of the creditors etc. It is for this reason that filing for bankruptcy is considered as a sigh of relief by many.

Filing for bankruptcy is an important decision and would affect you in the long run; it is for the same reason that you need to be well aware of the bankruptcy laws so that you know exactly where you stand. After you have decided to file for bankruptcy, the next step is to determine the chapter most suitable in this regard. The different chapters of bankruptcy code offer different kinds of reliefs. Aggrieved individuals have the option to file for bankruptcy protection as per Chapter 7 or Chapter 13 and companies facing financial troubles can file for bankruptcy protection under Chapter 11. The first step in bankruptcy filing which is common in all these three chapters is to file the bankruptcy petition. The petition varies from Chapter to Chapter on the basis of the requirements of each Chapter specifically. In Bankruptcy filing the first step is to file the bankruptcy petition along with the other mandatory schedules and lists as required by each chapter specifically. After the petition is filed a Trustee is appointed for each bankruptcy case, in Chapter 11 many a times the petitioner is made the trustee for the bankruptcy case. After a petition is filed under Chapter 7, a trustee is appointed, the trustee has to review the application, classify property as exempt and non- exempt, hold creditors meeting and then sell off the non – exempt property and pay off the creditors. After a petition is filed under Chapter 13 a trustee is appointed, the trustee has to review the application, the petitioner is to prepare a debt reconfirmation plan, after this the trustee calls for the creditors meeting wherein the debt repayment plan proposed by the petitioner would be discussed, after discussing the plan if the plan is to be modified then required modifications would be made and the plan would be then approved by the Bankruptcy court, after such approval the petitioner is under an obligation to pay off the creditors in accordance with the debt reconfirmation plan. After a petition is filed under Chapter 11 a trustee is appointed, the petitioner himself is the trustee in many cases, the trustee has to then review the application, determine the assets and liabilities of the ailing corporate entity and on the basis of the same a debt repayment plan would be formulated by the petitioner, after this the debt repayment plan would be presented to the creditors at the creditors meeting, if the plan is approved by the creditors then the plan is approved by the bankruptcy court. This places an obligation on the corporate entity to make payments as per the plan and pay off the creditors.


What is non-dischargeable debt

The non dischargeable debt is a debt that cannot be eliminated through bankruptcy proceeding. Such debts include, but are not limited to Student loans, most federal state and local taxes, money borrowed on a credit card to pay those taxes, and child support and alimony.
Some additional debts maybe non-dischargeable, but only if the creditor objects to the discharge. This includes the debt arising from a martial settlement or divorce decree, debts from wilful and malicious acts to another person or another person’s property and debts from embezzlement or violation of fiduciary responsibility.

I don’t have a stable monthly income can I also file for bankruptcy protection

A person’s ability to file for bankruptcy can be hindered by being unemployed. In order to file for a chapter13 bankruptcy, the debtors are required to have a stable source of income. Without having a source of income the debtor often have a difficult time paying off their creditors. Again filing for bankruptcy can actually be counterproductive for someone who has not been work for too long as the court filing fees are most likely going to add up more than what the unemployed debtor can afford.
For filing for Chapter 13 bankruptcy, a debtor must have a monthly income or else he will be unable to pay any money towards the debts in the reorganization process. Whereas, chapter 7 bankruptcy is a straight liquidation which means that filing for this type of bankruptcy will essentially wipe out a person’s entire bill and allow him to start over. It is a chance for fresh start.

Can I file for bankruptcy more than once? If yes, then why can I file for bankruptcy again

The bankruptcy is not once in a life deal. As per section727 (a) (8) you may file at every 8years under Chapter 7. Filing bankruptcy under Chapter 7 is not only your option especially if you have filed less than 8years ago. One aspect of Chapter 13 is that, it allows you to file if his last filing was more than 4years ago. If your last case was a Chapter13, then you must wait 6years from the time he filed Chapter 7. If you want to file another Chapter13 bankruptcy, you must wait only for a period of 2years before you can file again.

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