What is Personal Bankruptcy?
Article Provided by Bankruptcy America (www.bankruptcy-america.com)
There are several different types of bankruptcy in United States and understanding all of them is crucial. Typically debtors will choose either chapter 7 or chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, the debtor files a petition with the bankruptcy court serving the area where the debtor lives (or where the business debtor operates the business, or where the debtor has most of their assets). With the petition, the debtor will file: schedules of assets and liabilities, current income and expenditures, executory contracts and unexpired leases, and also, a schedule of exempt assets. Bankruptcy forms can be purchased at a stationery store (they are not available from the court), or an attorney can help you prepare the forms.
Chapter 13 is an alternative to Chapter 7 bankruptcy, and is designed for individuals with regular income who want to pay their debts, but need some time to do so. Under Chapter 13 debtors repay their creditors, either in full or in part, over a period of up to three years. Plans can be made for up to five years with court approval.
The cost of filing for bankruptcy will vary depending on which chapter you choose. Fees are subject to change; however, you can expect that filing will cost approximately $200. You will also need to consider the cost of hiring a bankruptcy attorney.
For more information about Personal Bankruptcy, or to find a licensed bankruptcy attorney please visit: www.bankruptcy-america.com
Article Provided by Bankruptcy America (www.bankruptcy-america.com)
There are several different types of bankruptcy in United States and understanding all of them is crucial. Typically debtors will choose either chapter 7 or chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, the debtor files a petition with the bankruptcy court serving the area where the debtor lives (or where the business debtor operates the business, or where the debtor has most of their assets). With the petition, the debtor will file: schedules of assets and liabilities, current income and expenditures, executory contracts and unexpired leases, and also, a schedule of exempt assets. Bankruptcy forms can be purchased at a stationery store (they are not available from the court), or an attorney can help you prepare the forms.
Chapter 13 is an alternative to Chapter 7 bankruptcy, and is designed for individuals with regular income who want to pay their debts, but need some time to do so. Under Chapter 13 debtors repay their creditors, either in full or in part, over a period of up to three years. Plans can be made for up to five years with court approval.
The cost of filing for bankruptcy will vary depending on which chapter you choose. Fees are subject to change; however, you can expect that filing will cost approximately $200. You will also need to consider the cost of hiring a bankruptcy attorney.
For more information about Personal Bankruptcy, or to find a licensed bankruptcy attorney please visit: www.bankruptcy-america.com
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