Category: Bankruptcy Law Center

The bankruptcy court Your forms will have to be filed in your local bankruptcy court. Most states have more than one court. You need to take care to make sure that you file in the right court or else your case will be dismissed. It is a good idea to pay a visit to the […]

Before you can file for bankruptcy, you must choose which bankruptcy chapter to file under. Of the five bankruptcy chapters, three are available to individuals (Chapters 7, 11 and 13) and two of those are commonly used by individuals (Chapters 7 and 13). Considerations favoring Chapter 7 For many consumer debtors, straight bankruptcy, now provided […]

Before you can file the bankruptcy petition, you need to assess your financial situation and gather together as much information about your income and property as possible. You will need this information to fill out the many bankruptcy forms. Figuring out exactly what property you own and how much of that property is exempt may […]

Once you determine that bankruptcy is the right step for you, you can begin the process of filing. Preparing to file The first step in any bankruptcy filing is to make sure you have all the necessary information. You will have to fill out a number of bankruptcy forms that will ask you detailed questions […]

There are different requirements for filing, depending on the bankruptcy chapter you are filing under. Chapter 7 Any individual residing, domiciled or having property or a place of business in the United States may file a Chapter 7 bankruptcy. The individual need not be insolvent, and no other test must be met (however, in limited […]

In essence, a voluntary bankruptcy case is a legal proceeding filed by a debtor who seeks relief specifically provided for by a federal law, the Bankruptcy Code. (Involuntary bankruptcy cases may also be brought against debtors, but they are very rare in nonbusiness situations.) The bankruptcy proceeding must be brought in U.S. District Court and […]

Chapter 7 bankruptcy is one of the two most common kinds of bankruptcy, the other being Chapter 13. Under Chapter 7 bankruptcy some or all of your debt can usually be discharged, or forgiven. Chapter 7 is a liquidation bankruptcy, which means you agree to sell, or liquidate, some of your property so you can […]

It is important to get your financials in order before making the decision to file for bankruptcy. Here’s a list of some of the things you can do to empower yourself in the decision-making process. Gather your financial documents and make a list of all your debts, minimum monthly payments and the interest rate you’re paying […]

If you believe that filing for bankruptcy is your only option, you might be surprised by the number of things that you can still do before you file. The first thing that you should do is consider having Individual Voluntary Arrangement (IVA). An IVA is something that you can go for instead of filing for […]