The Bankruptcy Petition

The Bankruptcy Petition

The first eight or so pages of the bankruptcy paperwork is called the petition.  The petition is all you technically need to file in order to declare bankruptcy.  The information that you need is pretty basic.  It requires that you know your name, which bankruptcy you are planning on filing, your address and your social security number.

There are several other questions it asks.  These are for creditors to know how to deal with your case.  For instance, it asks if you are renting your house.  This is because, if you are, there are special provisions that kick in that the creditor needs to comply with in order to continue an eviction action against you.

The bankruptcy petition also needs to know if you have a business, or if you are a business that is filing.  Again, this is because different laws are used for businesses than for individuals.  For instance, there is the necessity to list all of your businesses as alternate names if you are an individual.  Additionally, there are additional pages that need to be thoroughly filled out in the Statement of Financial Affairs later on in the paperwork.

Once you have completed the petition, you may file your case.  Once the case is filed, all kinds of deadlines start tolling.  The most important and immediate of these are the five day deadline to complete the creditor matrix and the 14 day deadline to complete the remaining schedules and statements and file them with the court.

We’ll talk more next time about the required documents and the creditor matrix.  Thanks for taking the time to read this.

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