There is a strict procedure that cannot be deviated from in bankruptcy cases. The subsequent actions will clarify the air.
a) Briefing on credit. This is the initial stage.Every bankruptcy case must begin with a credit report from an authorized agency. The objective is to inform the debtor of the repercussions of his actions and to suggest alternative courses of action. Failure to attend a credit counseling session can result in a summary dismissal of the bankruptcy petition.
b) The Bankruptcy court receives a referral from the District courts to consider cases, which can be withdrawn in exceptional circumstances.
c) Filing. Insolvency proceedings are initiated by registering a petition with the designated court. You may only file a lawsuit in the court that has jurisdiction over your residence. The petition must be accompanied by a list of all assets and liabilities, as well as a financial status statement. The required court fees must also be deposited simultaneously with the court administrator.
d) Forms. A person requesting a bankruptcy decree can now download all the necessary forms from the internet. Additionally, he can obtain a catalog of attorneys who can represent him. Practically speaking, you should not enter a bankruptcy case without an attorney, even though it is possible in theory.
e) Test of Means and Chapters. Cases of bankruptcy can be lodged under either chapter 7 or chapter 13. First, chapter 7 bankruptcy is straightforward and uncomplicated. However, the person petitioning for bankruptcy must pass a means test. In the event that this does not satisfy the bankruptcy court, the plea may be dismissed. The means test refers to the estimated median income of the debtor's home state.Chapter 13 can be filed by anyone who has a consistent income and meets the minimum wage requirement.Individuals who petition for bankruptcy must also submit their most recent tax return to the court-appointed trustee. All payment notices incurred within the past sixty days must also be lodged with the court. These are essential because they will give the court an accurate picture of your financial health.
f) Creditor Debtor Conference.The next stage in bankruptcy proceedings is the debtor's meeting with creditors. Attending this meeting are the trustee and all creditors. This is essential, and you must be prepared to answer the creditors' inquiries. This is the only meeting you will have with creditors, and you will be required to answer inquiries under oath. If you provide false or untrue information, you are subject to both criminal and civil action.
g) End. The process of debt discharge typically takes place within three to six months of the bankruptcy filing date. During this time, a debtor can do nothing but wait.
The United States bankruptcy law is a reformist law, and it is in the debtor's best interest to utilize it to begin a new life with sincerity and resolve.""
" - https://www.affordablecebu.com/
