Legal Documents for Bankruptcy

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Commonly Asked Questions about Legal Documents for Bankruptcy

Is it cheaper to file Chapter 7 or 13?

What Is the Cheapest Type of Bankruptcy? Not only are the fees of Chapter 7 bankruptcy lower, but you also end up paying less to your creditors. While Chapter 7 only requires that you pay the value of your liquidated assets, a Chapter 13 bankruptcy could result in you paying far more over three to five years.

What document starts a bankruptcy?

A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.

What are bankruptcy documents called?

These documents have various titles including: Schedules Exhibits and then a combination of other forms titled Statements, Declarations, Summary, Disclosure, Verification, Notice, Debtors Certification, Plan (chapter 13 only), and Venue Disclosure (chapter 11 only).

What is the best form of bankruptcy to file?

Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.

What makes you declare bankruptcy?

It might be time to declare bankruptcy, if, for example, you have large debts that you cant repay, are behind in your mortgage payments and are in danger of foreclosure, or are getting calls from bill collectors.

What are the two most common forms of bankruptcy?

The most common types of bankruptcy are chapter 7, which are liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.