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Bankruptcy Petition Questions

What is a Bankruptcy Petition?

A bankruptcy petition is a document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case. (There are official forms for bankruptcy petitions.)

Is it ever too late to amend someone’s bankruptcy petition to exempt property that was not exempted earlier?

Most of the time you can amend any Schedule - including Schedule C - at any time before your Bankruptcy case is closed. So yes in most situations, you can change your exemptions to add any exemptions that were not previously included .

What is involuntary bankruptcy?

Involuntary bankruptcy takes place when someone or a company is in debt to creditors, and those creditors ask the nonpayer to file bankruptcy. The creditors asking for involuntary bankruptcy believe that this is the only method that they could collect on what the creditors are due. The creditors create the demand by filing an appeal in court, and if the appeal is accepted, the bankruptcy turns out to be an obligation for the debtor.

If someone files bankruptcy today, then at what date might that person sell the homestead that was protected against bankruptcy?

Homestead possessions could be put up for sale at any time following the time of filing of the bankruptcy appeal, for the reason that the homestead is an exempt property, and not a fraction of the bankruptcy estate.

May someone inherit funds after bankruptcy, if so how long after BR does the law rule?

An inheritance turns into a fraction of the bankruptcy domain if the decedent dies in six months following filing of a Chapter 7 bankruptcy appeal. Bankruptcy Code 541(a)(5)(A). In Chapter 11 or 13 bankruptcies, on the other hand, the inheritance turns into a fraction of the bankruptcy domain if the time of decease is at any moment in time prior to the case being closed, discharged or changed.

How can someone file a skeletal petition for bankruptcy to stop a trustee sale scheduled for tomorrow?

There are two things that someone will be required to do prior to the filing for an "emergency" Bankruptcy! 1) The three-page appeal the individual could locate here on this site for more information. http://www.uscourts.gov/uscourts/RulesAndPolicies/rules/BK_Forms_Current/B_001.pdf. 2) A Credit Counseling Certificate, which the individual could locate here on this helpful site for additional info. www.cfefa.org. Each of these items is required to be filed with the clerk at the Bankruptcy court.

There are times that you need answers to your tough questions — questions that may be too sensitive for you to consult a friend or co-worker. Sometimes, you may want to discuss your issues with a neutral party who is experienced in the legal area that you are dealing with. If you are having issues with Bankruptcy Petition or just need answers to your questions pertaining to a Bankruptcy Petition you can ask Experts. Experts answer many of the legal questions related to a Bankruptcy Petition in an efficient and knowledgeable manner.
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Recent Petition Questions

  • Wednesday, July 09, 2014 2:35 AM ESTHad another question?

    Wednesday, July 09, 2014 2:35 AM EST

    Had another question? My Fiancee, is filing Single for bankruptcy, not married yet, if we get married in between, the bankruptcy is done, dol; as he has to do a bankruptcy course; do I have tell them I got married. I have to do Abacuscc.org, and I think after the filing have to do another Bankruptcy Filing, so if I am married in between, do I have to tell them I got married?
  • I am in the middle of a confirmed chapter 13 case. I would

    I am in the middle of a confirmed chapter 13 case. I would like to convert to chapter 7 bankruptcy and include my current landlord who is attempting to evict me. By including them post petition into the converted chapter 7, will it give me a automatic stay for the unlafull detainer?
  • Hi TJ... (or other bankruptcy attorney)... hopefully you remember

    Hi TJ... (or other bankruptcy attorney)... hopefully you remember me.. the guy who filed bankruptcy pro se.

    I was sort of freaked out today when Iearned that this document had been filed with the court:

    UNITED STATES BANKRUPTCY COURT
    DISTRICT OF SOUTH DAKOTA

    In re:
    ISAAC MAYO
    SSN/ITIN xxx-xx-9605
    Debtor.

    Bankr. No. 14-40171

    Chapter 7
    APPLICATION FOR APPROVAL
    OF EMPLOYMENT OF FITE,
    PIERCE & RONNING LAW OFFICE

    Lee Ann Pierce, an attorney with Fite, Pierce & Ronning Law Office, in Brookings, South Dakota is the Chapter 7 Bankruptcy Trustee in this case and hereby makes application under Fed.R.Bankr.P. 2014(a) to employ Fite, Pierce & Ronning Law Office to provide legal representation for the bankruptcy estate as provided for in 11 U.S.C. §327(a) and (d). In support of this application, the applicant states as follows:

    1. Applicant believes the employment of an attorney is necessary to represent or assist the Trustee in carrying out the Trustee's duties as follows: An attorney is necessary to collect non-exempt assets. An attorney is necessary to perform such service and such other legal services as may be necessary.

    2. Lee Ann Pierce, Robert G. Fite, and Jesse J. Ronning, are attorneys practicing at the firm of Fite,Pierce & Ronning Law Office in Brookings, South Dakota 57006 and are qualified to represent the bankruptcy estate because of their bankruptcy law and litigation experience.

    3. The compensation will be as follows: $250.00 per hour for services rendered by Lee Ann Pierce, $175.00 per hour for services rendered by law partner Robert G. Fite, and $150.00 per hour for services rendered by associate Jesse J. Ronning, to be paid from assets recovered, and necessary expenses, upon application to and approval by the Court.

    4. The Attorneys have disclosed to Applicant that they have the following connections with the Debtor(s), or with the Debtor(s)' estate, Debtor(s)' creditors, and other parties in interest, their respective attorneys and accountants, the United States Trustee, or any person employed in the office of the United States Trustee, with respect to the matters on which they are to be employed: Lee Ann Pierce
    is the Chapter 7 Bankruptcy Trustee for this case.

    WHEREFORE, Applicant prays the Court approve such employment by the trustee.
    Dated: June 9, 2014 /s/ Lee Ann Pierce
    Lee Ann Pierce, Chapter 7 Trustee

    VERIFICATION
    I, Lee Ann Pierce, the person named in the foregoing application to be employed by the trustee in this case, declare under penalty of perjury that my connections with the debtors, creditors, or any other party in interest, their respective attorneys and accountants, United States Trustee, or any person employed in the office of the United States Trustee are as follows: I am also serving as the Chapter 7 Bankruptcy Trustee in this case

    Dated: June 9, 2014 Signed: /s/ Lee Ann Pierce

    Case: 14-40171 Document: 20 Filed: 06/09/14 Page 1 of 1

    (END OF DOCUMENT)

    Some background: I filed pro se on 4/15/14 because my wages were about to be garnished due to an old judgment. I could not afford an attorney and needed to file immediately in order to begin the automatic stay and thus the garnishment.

    I spent hours and hours reading a book and buying some software. I had also filed in 2005, so I was able to use that petition as a "template." I was utterly honest about everything and was meticulous in preparing all the schedules and other paperwork. A couple of answers: Yes, I did file a Certificate of Credit Counseling. And I applied and was approved to make payments for the $306 fee.

    Other info: This was an incredibly "simple" no-asset bankruptcy. Almost all of the debt was consumer debt other than a student loan which I know will not be discharged. I, trying to keep myself afloat, had taken out two payday loans within the 90-day period preceding the filing and disclosed that on 6F and expect(ed) the creditors on those loans to object and perhaps not have those debts discharged (although I had every intention of repaying.

    Questions:
    1) I called the Bankruptcy Clerk's office and they of course could not give me any information, they suggested that I try to contact the trustee, but told me that she probably wouldn't talk to me.

    They also told me that this is "not uncommon" when looking for someone's hidden assets. Good luck to them with that. Because I have millions stashed away in Swiss bank accounts... (Joking, obviously)

    2) I have absolutely NO non-exempt assets

    3) I find it weird that the trustee would hire herself as the attorney ... Isn't this a conflict of interest for her? I mean, the only thing I can think of is her objecting to the discharge of the debts incurred within 90 days of my filing date but why would she need to "hire" a law firm for that?

    I have tried to research this but get confused. Please help!!

    If you begin to answer this question I will give you any other pertinent details (Yes: I had my 314 mtg on 5/16/14.
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