Bankruptcy Basics

What Causes Bankruptcy Filings
There are several common causes which lead to filing for bankruptcy.

Bankruptcy Alternatives
Before You Decide to File, Think About The Alternatives to Bankruptcy.

Filing Basics
What to do when you are first Preparing to File for bankruptcy.

When is it Time to File
There is no perfect answer as to when to file for bankruptcy.  The answer will depend upon many factors and upon the particular person involved. 

Means Test
A mathmatical test to determin if you are eligible to eliminate debt in a Chapter 7 bankruptcy.

The First Meeting With Your Attorney
At the initial meeting with your attorney, plan on disclosing all of your assets and liabilities.

Things You Must Do Prior to Filing
Before you file, you must do the following...

The Automatic Stay
The filing of the bankruptcy case and the creation of the debtor’s greatest weapon, the automatic stay.

The Bankruptcy Estate
The bankruptcy estate is all of debtor’s property as of the date of the bankruptcy filing, wherever located and by whoever held. 

The Petition Schedule
Whether you are filing for Chapter 7 or Chapter 13, you are required to file specific documents with the Clerk of the U.S. Bankruptcy Court.  The Petition and Schedules are the detailed facts about you and your property.

Meeting of Creditors
Shortly after your Chapter 7 bankruptcy case is filed, the clerk of the US Bankruptcy Court will send notice of your filing to all parties and creditors listed on your bankruptcy petition. 

Sample Question from Meeting of Creditors
Sample questions that you may be asked by the Chapter 7 bankruptcy trustee.

Discharge Order
After your case is file and prior to your discharge order being entered, creditors have an opportunity to object. 

Life After Bankruptcy
It is true that a bankruptcy stays on a credit report for 10 years. However, one can re-establish credit much sooner than that.