What is bankruptcy petition? This petition is where a debtor applies to the court to declare bankruptcy on himself. In other words, it is part of the process of bankruptcy. If the court approves the petition, your assets are then being sold off and the money from the asset sales will be equally distributed to all your creditors. But before filing for bankruptcy petition, it is best to seek for lawyers for a legal action to prevent further complications. How to apply for bankruptcy petition and what is the process? These are the famous bankruptcy petition questions that were frequently asked.
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You can apply for this petition through the court. There is some filing fee required upon the application. If you cannot afford to pay the fees, negotiate with the court if you can pay them by installment. In most of the time you can do that as you are already financially unstable. A summary of schedules and statistical Summary is required during the application. This can be easily done by some software that can automatically summarize your schedules.
You are required to undergo credit counseling offered by the court before filing for bankruptcy petition. This session will last for one and a half hour in average. It is important so that there will be no further doubt in filing for the petition.
Once they allow you for filing the petition then you will need to attend the court to list all the creditors that you are in debt with. You will need to list down your assets with your name and recent financial statements as well.
If your income is found to be below the median of the financial statement, then you are not allowed to file for Chapter 13 bankruptcy. Chapter 13 bankruptcy is where you do not need to sell off your assets but to pay your creditors in a defined plan that you can afford. Then, the court will call for a meeting where you need to confirm the list of debts in your own name. This process requires oath taking with the presence of creditors and trustees.
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