About Bankruptcy Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. 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. All bankruptcy cases are handled in federal courts under rules outlined in the …

Bankruptcy Basics provides general information about federal bankruptcy laws and the bankruptcy process. It is not a guide for filing a bankruptcy case. Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law.

The Bankruptcy Rules contain a set of official forms for use in bankruptcy cases. The Bankruptcy Code and Bankruptcy Rules (and local rules) set forth the formal legal procedures for dealing with the debt problems of individuals and businesses. There is a bankruptcy court for each judicial district in the country. Each state has one or more ...

BackgroundA chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for …

Moreover, a bankruptcy discharge does not extinguish a lien on property. How Chapter 7 Works A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.

While individuals can file a bankruptcy case without an attorney, or “pro se,” it is extremely difficult to do so successfully. Bankruptcy has long term financial and legal consequences, and hiring a competent attorney is strongly recommended. Debtors must list all property and debts in their bankruptcy schedules.

Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights. Court employees and bankruptcy judges are prohibited by law from offering legal advice. The following is a list of ways your lawyer can help you with your case.

Bankruptcy Forms : B 2030 : Disclosure of Compensation of Attorney For Debtor: Bankruptcy Forms : B 2040 : Notice of Need to File Proof of Claim Due to Recovery of Assets: Bankruptcy Forms : B 2050 : Notice to Creditors and Other Parties in Interest: Bankruptcy Forms : B 2060

Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. These procedures are covered under Title 11 of the United States Code (the Bankruptcy Code). The vast majority of cases are filed under the three main chapters of the Bankruptcy Code, which are ...

On behalf of the Judges and staff of the United States Bankruptcy Court for the District of Puerto Rico I welcome you to our internet home. This site is part of our commitment to serve with excellence the public, the bar and the court. Your feedback is welcomed, please let us know what works and what doesn't and how we can improve our services. ...