Filing for bankruptcy is considered a personal decision. Most individuals file for bankruptcy when they have made an honest effort to repay their debts but are unable to do so. Such people declare bankruptcy by filing a petition with the American Bankruptcy Court, and get protection and relief under the Bankruptcy Code.
The debtor also has to provide his or her personal information on assets, liabilities, income and expenditures. Such people often hire lawyers, who prepare and file the petitions and other information for them, although some debtors decide to represent themselves.
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The bankruptcy filing process proceeds as follows:
First the debtor has to make an appointment with the Board-certified Bankruptcy Attorney. This appointment is concerning discussion about the different options the debtor has.
Then, the debtor has to collect all necessary documents and present them to his or her attorney for review. Gathering and organizing all financial documentation is necessary when filing for bankruptcy. If the individual fails to provide all the information, then the court dismisses the case immediately. The attorney commonly advises the debtor on what type of documentation is to be submitted to the court.
After submission of documentation, the debtor has to complete pre-filing credit counseling. This method starts six months before filing bankruptcy. This counseling session is conducted by a non-profit or a government approved counseling agency. During the tenure of this course, personal financial management (PFM) is absolutely covered. This course is conducted according to the Bankruptcy Code compliance rules. It continues not more than a mere 90 minutes.
A person filling for Chapter 7 or Chapter 13 must also finish a Means test. This test is conducted regardless of the actuality that the person is filling for liquidation or reorganization. This test is used to identify debtors who might have proper financial resources, in order to pay back a some portion of the debts they owe. The appointed attorney provides further information regarding this test.
The procedure of bankruptcy begins when the official supplication is filled along with the schedule of the debtor's financial position and statement of financial affairs with the Bankruptcy court. A filling fee is also to be paid in order to commence the process.
Once the bankruptcy petition is filled, the debtor has to attend the meeting with the creditors; this is essential. This meeting takes place a month after filing for bankruptcy. A bankruptcy trustee conducts the meeting, which is commonly really short. Here, the debtor is asked questions regarding the paper work filed with the courts.
The debtor is required to complete a personal financial management course before the debt can be dispatched. This course must be conducted by any allowed debtor education provider. The debtor receives a course completion certificate in the end of the course, which must be filed with the court before the bankruptcy can be discharged.
Discharge occurs once the court has ruled the debtor is legally relieved from most debts and creditors cannot aggregate those debts. However, certain debts like those related to child care, alimony, certain taxes and student loans are not discharged.
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