Bankruptcy Law

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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. 2) A Credit Counseling Certificate, which the individual could locate here on this helpful site for additional info. 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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