Bankruptcy file

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Access on any mobile or desktop web browser. For many individuals, filing for bankruptcy relief can provide a way out of debt and a fresh financial start. Rising inflation and health care costs, along with decreasing benefits, are causing more elderly Americans to seek bankruptcy relief. Bankruptcy v. Doing Nothing. Should you file for bankruptcy to get rid of debts, or can you sit back and wait? Alternatives to Bankruptcy.

Deciding if bankruptcy is right for you? Here are answers to your most common questions. Find out what happens to lawsuits against you when you file for bankruptcy, and learn which lawsuits cannot be stopped by filing for bankruptcy. If you're thinking about bankruptcy, it's a good idea to make sure your tax returns are up to date.

View More Articles. I get social security and don't own a home or car. I have huge debts. Should I file for bankruptcy? My credit card and medical debts are huge. Medical Bankruptcies.

You can wipe out medical debt in bankruptcy but consider other nonbankruptcy options first. Should I pay credit card debt from retirement savings or file for Chapter 7 bankruptcy? Pros and cons of using bankruptcy versus dipping into your retirement savings to get rid of debt. Filing for bankruptcy without your spouse might be a good option if you have lots of debts and you'd like to preserve your spouse's credit.

You don't lose everything when you file a bankruptcy case. Local rules, along with other useful information, are posted on the court's website and are available at the local court's intake counter. Bankruptcy Forms are available to the public free of charge. Many courts require local forms. If you file bankruptcy pro se, you may be offered services by non-attorney petition preparers. By law, preparers can only enter information into forms. They are prohibited from providing legal advice, explaining answers to legal questions, or assisting you in bankruptcy court.

A petition preparer must sign all documents they prepare for you; print their name, address and social security on the documents; and provide you with a copy of all documents.

They cannot sign documents on your behalf or receive payment for court fees. If the debtor's "current monthly income" 1 is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is presumptively abusive.

Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 with the debtor's consent or will be dismissed. Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing. A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims creditors in accordance with the provisions of the Bankruptcy Code.

Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. Subject to the means test described above for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor's debts or whether the debtor is solvent or insolvent.

An individual cannot file under chapter 7 or any other chapter, however, if during the preceding days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. There are exceptions in emergency situations or where the U. If a debt management plan is developed during required credit counseling, it must be filed with the court.

One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations.

Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.

Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case including tax returns for prior years that had not been filed when the case began. Individual debtors with primarily consumer debts have additional document filing requirements.

They must file: a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling; evidence of payment from employers, if any, received 60 days before filing; a statement of monthly net income and any anticipated increase in income or expenses after filing; and a record of any interest the debtor has in federal or state qualified education or tuition accounts.

A husband and wife may file a joint petition or individual petitions. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors. The Official Forms may be purchased at legal stationery stores or download. They are not available from the court. Normally, the fees must be paid to the clerk of the court upon filing. With the court's permission, however, individual debtors may pay in installments. The number of installments is limited to four, and the debtor must make the final installment no later than days after filing the petition.

For cause shown, the court may extend the time of any installment, provided that the last installment is paid not later than days after filing the petition. If a joint petition is filed, only one filing fee, one administrative fee, and one trustee surcharge are charged. Debtors should be aware that failure to pay these fees may result in dismissal of the case.

In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information:. Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing.