Declare Bankruptcy

August 1, 2019

Want to declare bankrputcy? You declare bankruptcy to eliminate all of your debts. Before you declare bankruptcy, it is important to know some basics behind the process. Knowing these basics will help you understand exactly how declaring bankruptcy actually works.

You Declare Bankruptcy in Federal Court

You or your lawyer will need to prepare a petition. Although you may clearly be “bankrupt” and overloaded with debt, you still need to file a bankruptcy petition. This is how you offically “declare” bankruptcy. This petition is a formal request for bankruptcy relief with the Federal court. If you file the petition correctly and follow bankruptcy’s rules, you will get your bankruptcy relief every time. Your case will not be denied. You are entitled to the relief if you need it. Declaring bankruptcy will then permanently eliminate all your debts in about 90-120 days. Most normal debts will be completely elimated. There are only a few exceptions such as child support, recent tax debt, and student loans that do not get eliminated through delcaring bankruptcy.

Listing All Your Income, Assets, and Debts

Your bankruptcy petition will list out all your income, assets, and debts. This is how you declare bankruptcy. You must provide the court all your financial information. If you do not provide all your finanical information correctly, then the court may require you to make changes to your petition. If the information is very incomplete or inaccurate, the court may even deny your case. This is one reason why it is wise to find a bankruptcy attorney to represent you.

The bankruptcy court will also assign a Trustee to oversee your bankrupty case.  This trustee will be assigned to your case to make sure everything is handled and reviewed correctly. You will go to a single bankruptcy meeting with this Trustee. The Trustee will ask you several questions a this meeting about your financial condition. When you declare bankruptcy, you must follow all the rules of the court and the trustee in order for your case to finalize. You will not receive the release of your debts until your bankruptcy case is finalized and completed.

You File Bankruptcy by Calling an Attorney or Preparing Forms Yourself

Because of the complex nature of bankruptcy, it is always best to contact an attorney to declare bankruptcy. If you declare bankruptcy on your own, you could run into problems. These problems could include being unable to understand the forms or other various bankruptcy requirements. Sometimes these problems can even be worse such as losing money or property unexpectedly. That is why you should always seek an attorney to represent you.

If you still want to declare bankruptcy on your own, you can do so by filling out the forms on your local district’s website. To declare bankruptcy, you must turn in all of your petition forms to the local branch of your federal bankruptcy court. You must also take a one-hour required class beforehand and present a money or for your case’s $335 court cost. You can find the forms, including the Petition, Schedules, Statement of Financial Affairs and other sections by following this link here.

Remember, it is always wise to hire an attorney. It is much easier and safer to file bankruptcy with an attorney.

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