Bankruptcy Petition

via Tumblr bit.ly/1am8p8T Bankruptcy Petition bit.ly/1aStIOO The voluntary bankruptcy petition (Official Bankruptcy Form 1) provides the court with basic information about you, where you live, and your bankruptcy case. You must complete the bankruptcy petition in both Chapter 7 and Chapter 13 bankruptcies. On your bankruptcy voluntary petition you must set forth your name as a single person, or you are a married Joint Debtor, you must list the address where you live and reside, and where you take your mail. You must list accurately your Social Security Number for each filing debtor. The voluntery bankruptcy petition is fairly self-explanatory. If you are married, you’ll need to decide if you and your spouse are filing a joint petition or filing individually. If you and your spouse are the same sex, you’ll also need to figure out how your district treats same-sex married couples. Type of Debtor If you own a small business as a sole proprietor, you are filing as an “individual.” You must declare which chapter of the bankruptcy code which is part of the bankruptcy petition. Chapter of Bankruptcy Code Here you’ll check the appropriate box. You must let the court know if your debts are primarily consumer or business debts. Keep in mind that mortgages on personal residences are considered consumer debts, so homeowners will have primarily consumer debts. On the other hand, tax debts are considered business debts, so if you owe a lot of back taxes and don’t have a mortgage, your debts may be primarily business debts. To file your voluntary bankruptcy petition the Court charges you a Federal Court Filing Fee. For a Chapter 7 it is $306.00, for a Chapter 13 $281.00. You may be able to have your file fee waived in some circumstances or you may be able to pay your file fee in installments to the Bankruptcy Court. A debtor filing a Chapter 7 can only file a Chapter 7 one time every eight (8) years. In your voluntary bankruptcy petition you must disclose All Prior Bankruptcy Cases Within the Last 8 Years. You are required to disclose all prior bankruptcy cases filed by you (or your spouse if you’re filing jointly) within the last eight years. Need a copy of the information on your Bankruptcy Petition then visit: bit.ly/15GFiod Paul James via Blogger bit.ly/15GFHab

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