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Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity. All bankruptcy cases are handled in federal courts under rules ...
Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law. It also provides individuals who may be considering filing a bankruptcy petition with a basic explanation of the different chapters under which a bankruptcy case may be filed and ...
2014 Report Shows Fewer Debtors Filing for Bankruptcy, But More Repeat Filers. Amended Rules Effective December 1, 2014. Bankruptcy Filings Down 12 Percent Since Last June. Bankruptcy Filings Down 13 Percent for March. Bankruptcy Filings Down in Fiscal Year 2012. Bankruptcy Filings Fall 5.9%, Reach Lowest Level Since 2006.
Much of the bankruptcy process is administrative, however, and is conducted away from the courthouse. In cases under chapters 7, 12, or 13, and sometimes in chapter 11 cases, this administrative process is carried out by a trustee who is appointed to oversee the case. A debtor's involvement with the bankruptcy judge is usually very limited.
Schedule H: Your Codebtors (non-individuals) Non-Individual Debtors. B 207. Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy. Non-Individual Debtors. B 309A. Notice of Chapter 7 Bankruptcy Case – No Proof of Claim Deadline (For Individuals or Joint Debtors) Meeting of Creditors Notices. B 309B.
Bankruptcy Courts oversee a process where: a debtor repays creditors in a fair and orderly manner to the extent that the debtor has property available for payment; a failing business reorganizes by restructuring debt or the business entity itself, or, alternatively, to provide a framework for the orderly liquidation of the failed enterprise; and a potentially dishonest action
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727 (a) (1).
The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) provide information to the public on their websites regarding disputing data on credit reports. The FTC’s toll-free number is 877-FTC-HELP (382-4357), and the CFPB’s toll-free number is 855-411-2372. Bankruptcy courts do not report or provide information ...
Electronic Case Files Federal case files are maintained electronically and are available through the internet-based Public Access to Court Electronic Records (PACER) service. PACER allows anyone with an account to search and locate appellate, district, and bankruptcy court case and docket information. Register for a PACER account.
Chapter 11 - Bankruptcy Basics. This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.