Bankruptcy Petition
Who can file a bankruptcy petition?
A bankruptcy petition can be filed either by a creditor or the debtor. A debtor when decides to go bankrupt can file the petition himself or a supervisor of the debtor can do this for him. A creditor can also file a petition to make a person bankrupt if the debtor owes certain amount to him. The amount is fixed by the law and the creditors are free to join hands to file in petition making the required amount.
What are the options?
As discusses throughout there are two form for petitioning Chapter 7 and chapter 13. Chapter 7 petitions make your assets pay for the liabilities except certain exempted assets. [Read more about Chapter 7 bankruptcy.] Under Chapter 13 one makes a plan to pay the creditors in around 3 years duration by holding the creditors back from asking for the debts to be returned, certain stay on foreclosures, etc. [Read more about Chapter 13 bankruptcy].
Where can one file bankruptcy petition?
One can file a bankruptcy petition in the court of his residence place. Since Federal judicial systems is the parent for the bankruptcy court activities, each of the district has one or more courts for dealing with bankruptcy. Every court deals with the bankruptcy cases that fall in their region. Once can also file where he/she has been domiciled, or having assets for more than 180 days. The court that is in the area, where principal business is carried out can be used to file the petition. If you have moved from certain other district then there is timestamp of 91 days before you can file the bankruptcy petition there. You can always move the case from the place where you filed it to your currently located court.
Other useful links
[Types Of Bankruptcy] | [Official Bankruptcy Forms]
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