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Filing Bankruptcy Petition - Requirements And Process

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BankruptcyOnly is a leading online bankruptcy service company in the U.S. which guides debtors in exploring various bankruptcy options and helps them to choose one that caters to their financial needs and requirements. Over the years BankruptcyOnly has helped thousands of bankruptcy filers in understanding the entire process of filing a petition for bankruptcy successfully.

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Filing a bankruptcy petition could be the last option when all other options of repaying your debts have failed. When you file for bankruptcy you are entitled to get legal protection from the bankruptcy court against your creditors. But prior to filing a petition of bankruptcy, it is important for you to obtain a free evaluation with a bankruptcy attorney because the new bankruptcy law is quite complicated to interpret. BankruptcyOnly.com employs some of the best professionally qualified and highly experienced bankruptcy lawyers. They can make your task of understanding the new set of bankruptcy rules much easier.

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Bankruptcy petition filing process in a nutshell

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Requirements:

Typically, the entire procedure of filing a bankruptcy petition involves correct and accurate documentation to be furnished to the bankruptcy court. Such documents include:

  • List of creditors to whom the debtor owes money
  • Details of assets owned by the debtor
  • Copies of latest financial statements.

The new bankruptcy law also requires the debtors to undergo free credit counseling sessions for about one or two hours that are to be provided by a certified non-profit consumer credit counseling agency that is approved by the bankruptcy court. This helps the debtor to have a clear understanding of the issue. Such sessions are mandatory before and after filing a bankruptcy as required by the new set of rules and regulations.

Bankruptcy Petitions Process

Once a bankruptcy petition is admitted in the court, first the monthly income of the debtor is compared with the median income for a household of similar size in that particular state. If the income is less than the median the debtor qualifies for a chapter 7 but if it is more than the median, the debtor is subjected to the “Means Test” in order to determine whether he is eligible for a chapter 7 or 13. The basic purpose of the “Means Test” is to find out if there is any disposable income left with the debtor to repay a portion of his debts back to the creditors. For determining this, certain household expenses are subtracted from the debtor’s monthly income. If there is some disposable income left the debtor qualifies for a chapter 13 monthly repayment plan. If there is no surplus income, the debtor can still qualify for a chapter 7. It is important to note, that the debtor is under oath during the process which is normally carried out in the presence of creditors and the court appointed trustee.

BankruptcyOnly can assist you in preparing you well in advance for the entire process of successful bankruptcy filing and help you to qualify for a solution which meets your financial needs and expectations.

 

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