Bankruptcy Petition
A formal document that is submitted to the court by a debtor or creditor is a bankruptcy petition. It contains details of the amount of debt owed, the conditions which led to default of payments and the motive behind seeking a bankruptcy order. People find themselves going to court to file bankruptcy petitions for various reasons. It is advisable that you look into other alternatives before you resort to it.
When it becomes extremely difficult to pay off your debts, then you should seek advice from a qualified attorney who can guide you on making an informed decision before settling for a petition. You should be fully aware of the changes that have been made once you file for a petition. If the debtor has terminated his studies for seven years or more their student loans qualify for exemption. That means if you want to file a petition you can get a discharge in five years instead of ten years. This is a positive step and will give people a fresh start sooner.
However, this applies to individuals who file under chapter 7.
Under chapter 13, which works for people with a steady income, the court will grant employees of companies which have filed for bankruptcy. The employees will be entitled to monthly payments. To get these payments they will have to be eligible. They will be required to take a means test. It is advisable to check with your state laws to know which laws apply to you.
Once you file a petition, you may be at a loss as to what happens to your income. If you filed under chapter 7, then your income repays the amount that was not covered under liquidation. If it was made under chapter 13, your income will be split in two. One bit will be directed to debt repayments.
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How to tell if Bankruptcy might solve your IRS tax
Learn how to tell if bankruptcy might be the answer to your IRS Tax Problem. It's a little known fact that bankruptcy can discharge taxes under certain circumstances. The key is that the timing must be right. (03:58)
What to Do if Bankruptcy is Inevitable
What do I do if bankruptcy is inevitable? (01:14)
Making the Bankruptcy Decision
How would I make the decision about bankruptcy? (00:44)
Declaring Bankruptcy
How do I know if I should consider declaring bankruptcy? (00:53)
How Bankruptcy Helps
How does bankruptcy help? (01:29)
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