Many individuals and business will need to file for bankruptcy at some point. Different types of bankruptcies are out there, and you want to be certain you are filing for the best one that will help you get through this difficult period. Chapter 7is a common type people file for.
Filing a Petition
First, you need to file a petition with a bankruptcy court. There are various other documents you need to file at this time, including:
• Schedule of unexpired leases
• Statement of your financial affairs
• Proof of current income
• Document containing any and all liabilities and assets
Various fees are associated with filing for bankruptcy through the courts. There is a case filing fee, trustee surcharge and administrative fee you will need to take care of. If you have trouble paying all of these at the same time, you can often work with the court to set up a payment plan.
Providing Required Information
The court may also ask you to provide additional information. Common pieces that are asked for include a list of your monthly expenses and a list of all the creditors you are working with.
It can take some time to get through the bankruptcy process, but at the end of it, you might be better off. For assistance, call The Law Offices of Paul McElrath to learn more about anything concerning bankruptcy law.