Bankruptcy Procedure
Once a person has decided on with Bankruptcy he must choose which type of bankruptcy will suit him. See Types Of Bankruptcy to get know your choices. A bankruptcy procedure can be said to consist of three processes and discussed in breif here.
Paperwork:
Now you are finalized with the type of bankruptcy with the help of an attorney or by yourself, then it’s the time to collect the necessary documents as a part of paperwork to be presented in the court. Generally following paper information about the following things is to be provided.
- Tax returns of last two years.
- Living expenses.
- Debts
- Deeds to real estate owned by a person and
- Car titles.
Attorneys also help with more documents that are needed for filing Bankruptcy.
Filing:
Once the documents are collected a person should file for bankruptcy under specific chapter he wishes for. Official forms are available which are to be filed by the debtor filing. These forms generally evaluate you for what you posses today. The number of copies required varies for the choice of bankruptcies. One also has to fill a petition of two pages along with the other forms at the time of filing. The person filing is charged according to the type of bankruptcy. One should also make sure with the help of attorney as to what all assets can be exempted.
[Filing Bankruptcy]
Hearing:
The bankruptcy process is a 3 to 4 month process. A person gets to a notice for first hearing within 40 days of filing. And after 60 to 90 days of the first meeting the court discharges your debts. In case of chapter 13 the court gives decision if the plan prepared by you is feasible or not to pay back your creditors in part or full. For more information see the [Bankruptcy Hearing].
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