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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.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Petition Questions

  • I am currently in a personal Chapter 11 BK......it was six

    I am currently in a personal Chapter 11 BK......it was six years old as of two days ago....there was an initial payment plan filed in 2010 but that plan was not approved. Essentially, there are two big problems. 1) about $500k in IRS debt (90% of that
    is penalties and interest for failure to file for several years....those returns were finally filed probably 5 years ago at least....2) there is a criminal restitution lien that I am having a hell of a time getting rid of....that stems from something that
    took place way back in 1989. Anyhow, the court just sent out a request to either dismiss the 11 or convert to a 7. I have no assets. All of the real estate property I owned when the 11 was filed has been sold. 3 of the 4 properties sold were short sales and
    the other was not a short sale but since there was no equity in any of the properties to speak of the only people that were paid were the attorneys, the IRS, the State of Arizona and the Attorney General. So here is my question, I prefer not to convert to
    a 7. I would rather just have the 11 dismissed and then negotiate some type of settlement with the remaining creditors (all credit card companines and one law firm) and the restitution lien. What do you think? Also, if I do convert the 11 to the 7, does that
    then become a whole new BK filing where I have to fill out paperwork all over again? And then I have to wait for 90 days before the 7 is dismissed. I am pretty sure that some of the taxes cannot be dismissed even in a 7 but since I have no assets, I figure
    I can do either an offer in compromise with the IRS or prove I am insolvent. I am located in the State of Arizona if that helps. Please advise.
  • Hi I'm currently in the middle of filing for chapter 13 bancruptcy

    Hi I'm currently in the middle of filing for chapter 13 bancruptcy and lost my job. I usually make about 989 a week so can't pass the mean test for chapter 7. With my reduction in pay going down to 518 a week I don't know if I will have enough disposable income to pay back any debt. What else can I do?
  • What are the grounds to reverse a 45 day automatic dismissal

    What are the grounds to reverse a 45 day automatic dismissal in a bankruptcy case: http://www.law.cornell.edu/uscode/text/11/521 If the schedules weren't filed within 45 days and the debtor can file them on the 46th day, can a motion to reverse the dismissal
    be filed? What are legitimate grounds to do that, if any?
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