http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/index.html LawInfo - Legal Resource Center offers free legal forms and free legal documents that is designed to help consumers and businesses resolve their legal issues http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-bankruptcy-.html A bankruptcy is a legal declaration that an individual or organization is unable to pay its creditors or debts.&nbsp; Bankruptcy filings are mostly regulated by laws under the jurisdiction of the federal government.&nbsp; The validity of bankruptcy claims and exemptions are governed by state law and vary from state to state. Bankruptcy FAQs Thu, 13 Dec 2007 17:31:08 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/do-i-need-an-attorney-to-file-bankruptcy.html Federal law does not require you to have an attorney. You are allowed to file pro se, that is, on your own without an attorney. However, without the assistance of an attorney, it is extremely difficult to do so successfully. Hiring a competent attorney is highly recommended. Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/who-can-file-for-bankruptcy.html Any person, partnership, corporation or business trust may file bankruptcy. In addition, charitable or social organizations may also file for bankruptcy. United States citizenship is not a requirement for filing bankruptcy Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/how-do-i-know-if-i-should-file-for-bankruptcy.html You should file if you are unable to pay your debts and there is no possibility that you ever will. The most common reasons for filing for bankruptcy are unemployment, large medical expenses, overextended credit and other large unexpected expenses.&nbsp; Deciding to file for bankruptcy is a difficult decision. Valuable factors to consider are your alternatives, the type of bankruptcy that is best for you, and which debts will be discharged if you file bankruptcy. Bankruptcy FAQs Thu, 13 Dec 2007 17:37:51 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/will-i-lose-my-house-car-and-other-personal-p.html Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as furniture and clothing. In addition, other kinds of property are exempt up to a limit. These exemption limits mean that any equity that you have in the property above the limit is not exempt. The Bankruptcy Court can take the property and sell it, pay off any creditors, give to you the exemption amount, and keep the rest for other creditors. Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/after-i-file-for-bankruptcy-will-my-creditors.html Yes. When filing for bankruptcy the &ldquo;automatic stay&rdquo; prohibits creditors from trying to collect on debts.&nbsp; These efforts include being prohibited from contacting you in order to collect the debt.&nbsp; When you hire an attorney, any communication from a creditor is usually required to be made through your attorney. Bankruptcy FAQs Thu, 13 Dec 2007 17:45:14 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/how-long-will-a-bankruptcy-show-on-my-credit.html The Bankruptcy Court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting agencies. The law states that credit reporting agencies may not report a bankruptcy case on a person`s credit report after ten years from the date the bankruptcy case is filed. Other bad credit information is removed after seven years. The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureaus is to remove chapter 11 and chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters. Bankruptcy FAQs Mon, 04 Jun 2007 21:51:22 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-a-means-test.html <font face="Arial">A&nbsp;&quot;means test&quot; in a bankruptcy proceeding is one of the factors used to determine whether an individual debtor is eligible to file for bankruptcy under&nbsp;Chapter 7.&nbsp;&nbsp;&nbsp;The means test looks at the debtor's aggregate current monthly income (looked at over a number of years).&nbsp; If the net of that income, disregarding certain allowed expenses, is&nbsp;above the current income limit, then the debtor may not be eligible for filing under Chapter 7 unless he or she can&nbsp;prove special circumstances&nbsp;which would justify additional expenses or adjustments of current monthly income beyond those income/expense limits.&nbsp; <br /> </font> Bankruptcy FAQs Tue, 19 May 2009 21:09:39 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-a-claim-.html In the broadest sense, a claim is any right to payment held by a person or company against you and your bankruptcy estate. A claim does not have to be a past due amount but can include an anticipated sum of money, which will come due in the future. In filling out your Schedules, you should include any past, present or future debts as potential claims. Bankruptcy FAQs Wed, 12 Dec 2007 19:43:20 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/can-i-file-for-bankruptcy-every-few-years-.html <p>No. Once a discharge is granted, a debtor who filed under Chapter 7 or 11 is prohibited from filing for another 6 years. However, a debtor who filed under Chapter 7 can file a chapter 13 before the 6 year bar is over, but not another Chapter 7. </p> Bankruptcy FAQs Thu, 13 Dec 2007 12:25:54 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/is-there-a-limit-on-the-number-of-times-that-.html The time periods between bankruptcies depends on the type of the previous filing and the type of new filing.&nbsp; If your new filing is a Chapter 7, you must wait eight (8) years from last filing of a Chapter 7, or six (6) years from last filing of Chapter 13.&nbsp; If your new filing is a Chapter 13, you must wait four (4) years from last filing of Chapter 7 or two (2) years after a discharge of a previous Chapter 13 case. Bankruptcy FAQs Thu, 13 Dec 2007 17:52:47 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-if-i-am-married.html If you are married, you may file a joint petition. A joint petition is the filing of a single petition by an individual and the individual`s spouse. In order to qualify for a joint petition, you must be married on the date that the joint petition is filed. Unmarried persons, corporations and partnerships must each file a separate case. If you are an individual and have a business, you may not file a single petition for yourself and your business; each must be a separate bankruptcy case. Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/does-my-divorce-decree-protect-me-if-my-ex-sp.html If you are contractually bound with your ex&shy;spouse on a debt, the creditor can require the entire payment of that debt from your share of the community property even though the divorce decree assigns the debt to your ex&shy;spouse. Depending on the terms of your divorce decree, you may be able to have certain support obligations under it determined to be non&shy;dischargeable by the bankruptcy court or in state court. If you find out that your ex&shy;spouse has filed for bankruptcy, you should seek legal advice to find out your possible obligations. Bankruptcy FAQs Thu, 13 Dec 2007 17:00:16 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-are-exemptions.html 11 U.S.C. &ordm; 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. State law protects exempt assets from distribution to your creditors. Typically, exempt assets include vehicles up to a certain dollar amount, the equity in your home up to a certain amount, and tools of the trade. Exemptions are claimed on Schedule C. As with all schedules, it is important to fully complete and provide all the information requested. If no one objects to the exemptions you have listed within the time frame specified by the bankruptcy court, these assets will not be a part of your bankruptcy estate and will not be used to pay creditors through your bankruptcy case. Deciding which assets are exempt and how and if you can protect these assets from your creditors can be one of the more important and difficult aspects of your bankruptcy case. It is extremely important to consult an attorney if you have any questions regarding the issue of exempt assets. Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-a-plan-of-reorganization-.html The plan of reorganization is a document that sets out how a debtor &shy;in &shy;possession will repay creditors. The plan divides creditors into classes. It specifies the treatment of claims for each class of creditor and provides a means for the plan`s implementation. The debtor&shy;in&shy;possession has the exclusive right to file a plan for up to 120 days after the filing of the petition. After this exclusivity period has expired, creditors may file a plan. Bankruptcy FAQs Wed, 12 Dec 2007 01:26:11 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-a-disclosure-statement-.html The disclosure statement is a document that provides a profile of the corporation, financial information and an overview of the proposed plan of reorganization. This information is useful to creditors in deciding whether to accept or reject the proposed plan of reorganization. Bankruptcy FAQs Wed, 12 Dec 2007 01:27:24 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-a-bankruptcy-trustee-and-who-is-the-u.html In all chapter 7, 12, 13 and in some chapter 11 cases, a case trustee is assigned. In chapter 7 cases they are called Panel Trustees. In chapter 12 and 13 cases they are called Standing Trustees. The trustee`s job is to administer the bankruptcy estate, to make sure creditors get as much money as possible, and to run the first meeting of creditors, (also called the 341 meeting, because 11 U.S.C.&nbsp;Section 341 of the Bankruptcy Code requires that the meeting be held). The trustee either collects and sells non&shy;exempt estate property, as in the case of a chapter 7, or collects and pays out money on a repayment plan, as in the case of a chapter 13. The trustee can require that you provide, under penalty of perjury, information and documents, either before, after, or at the meeting. You should always cooperate with the trustee, since failure to cooperate with the trustee could be grounds to have your discharge denied. Trustees do not have to be lawyers. The court does not pay trustees. The United States Trustee appoints the trustees. The trustees report to the court, but their fees come out of the bankruptcy filing fees or as a percentage of the money distributed to creditors in the bankruptcy. The United States Trustee`s Office is part of the U.S. Department of Justice, and is separate from the court. The United States Trustee`s Office is a watchdog agency, charged with monitoring all bankruptcies, appointing and supervising all trustees, and identifying fraud in bankruptcy cases. The United States Trustee`s Office cannot give you legal advice, but they can give you information about the status of a case, and you can contact them if you are having a problem with a trustee, or if you have evidence of any fraudulent activity. In monitoring cases, the United States Trustee reviews all bankruptcy petitions and pleadings filed in cases, and participate in many proceedings affecting the case. However, they do not administer the case themselves. They can bring motions in the bankruptcy, such as ones to dismiss the case, or to deny the debtor`s discharge. Bankruptcy FAQs Thu, 13 Mar 2008 18:25:50 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-the-creditors-meeting.html A meeting of creditors is the single hearing all debtors must attend in any bankruptcy proceeding. It is held outside the presence of the judge and usually occurs between twenty (20) and forty (40) days from the date the original petition is filed with the court. In chapter 7, chapter 12, and chapter 13 cases, the trustee assigned by the court on behalf of the United States Trustee conducts the hearing. In chapter 11 cases where the debtor is in possession and no trustee is assigned, a representative of the United States Trustee`s office conducts the hearing. The hearing permits the trustee or representative of the United States Trustee`s Office to review the debtor`s petition and schedules with the debtor face&shy;to&shy;face. The debtor is required to answer questions under penalty of perjury concerning the debtor`s acts, conduct, property, liabilities, financial condition and any matter that may affect administration of the estate or the debtor`s right to discharge. This information enables the trustee or representative of the United States trustee`s Office to understand the debtor`s circumstances and facilitates efficient administration of the case. Additionally, the trustee or representative of the United States Trustee`s Office will ask questions to ensure that the debtor understand the positive and negative aspects of filing for bankruptcy. The hearing is referred to as the meeting of creditors because creditors are notified that they may attend and question the debtor about the location and disposition of assets and any other matter relevant to the administration of the case. However, creditors need not attend these hearings and, in general, are not considered to have waived any of their rights by failing to appear. The hearing usually lasts only a few minutes and may be continued if the trustee or representative of the United States Trustee`s Office is not satisfied with the information provided by the debtor. The trustee or representative of the United States Trustee`s Office may request that the bankruptcy case be dismissed if the debtor fails to appear and provide the information requested at the hearing. The United States Trustee may also request that the debtor be ordered by the court to cooperate or be held in contempt of court for failing to cooperate. Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/where-can-i-get-advice-about-bankruptcy.html The best course of action is to schedule an appointment with an attorney who practices within the area of bankruptcy. Many attorneys provide an initial consultation for little or no money. You should not rely on the information you get from a book or website (even this one) when it comes to such an important decision. Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/can-an-employer-discriminate-against-me-for-f.html Generally, government and private employers may not discriminate against you for filing bankruptcy. Federal law prohibits private employers from discriminating with respect to employment if the discrimination is solely based on the bankruptcy filing. Bankruptcy FAQs Thu, 13 Dec 2007 17:57:41 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-documents-do-i-need-to-start-a-bankruptc.html Federal forms include: Form 1&shy;&shy;Voluntary Petition (2 pages), Form 6&shy;&shy; Schedules A through J, Summary, and Declaration, Form 7&shy;&shy; Statement of Financial Affairs, and Form 8 &shy;&shy;Statement of Intention. In addition, you must file the appropriate local forms. Bankruptcy FAQs Wed, 12 Dec 2007 00:44:07 GMT http://resources.lawinfo.com/en/Legal-FAQs/Bankruptcy/Federal/what-is-the-first-step-in-filing-for-bankrupt.html After you have decided to file for bankruptcy, the first step is to file a petition with the Bankruptcy Court.&nbsp; On the petition, all your of your debts and property must be listed as well as other schedules of assets and liabilities. 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