Filing Bankruptcy

A case for bankruptcy will be filed when a debtor or a creditor has filed a petition for declaration of bankruptcy. If you are a creditor you can file a petition for declaration bankruptcy against a debtor to recoup the money you have loaned to the debtor. If a court has declared a debtor as insolvent, you may be eligible to receive funds from the bank accounts, properties, and other assets of the debtor.

You can file a bankruptcy petition to a court through a consumer debtor in the place where the debtor has been residing for at least the last 6 months.

Income tax and other taxes may be discharged if the debtor did not pay the debt even after the taxes were filed within a particular time frame but the rule for the discharge of taxes is complicated.

If you are a debtor and want to file a bankruptcy petition, the first step is to schedule an interview with an attorney and consult with him about the process. For this interview, you should bring a list of all creditors and the amount that you need to pay them.

You'll need to wait for few days to review all paperwork before filing. An attorney will review the file again and you'll need to sign the paperwork after a final review. The bankruptcy must be filed only in bankruptcy court.

You must accurately represent your present financial condition when filing for bankruptcy. The proceedings will continue until the creditor declares that the debts are non-dischargeable.

When applying for bankruptcy, it will take a few weeks for reviewing, assembling, and typing the paperwork. But, for filing the bankruptcy itself, the process may only take a few days or even a few hours. In this filing process, only the outline of the information will be needed and the remaining information should be filed within two weeks.