Who can file bankruptcy?
With few exceptions, any person or business owing money to a creditor can file a bankruptcy petition. Q: How often can you file for bankruptcy? A: A Chapter 7 bankruptcy can be filed every 8 years from a previous chapter 7 filing or 6 years from a prior chapter 13 filing. Chapter 13 can be filed 4 years from a prior Chapter 7 filing or 2 years from a prior Chapter 13 filing. Filing bankruptcy can adversely affect your ability to obtain future credit, rent housing and even negatively impact a job application, so any decision to file must be carefully considered. Q: What do I need to begin the bankruptcy process? A: You need to compile a listing of the past and present debts you have. The petition in a bankruptcy questions filing includes schedules of assets and liabilities as well as a statement of financial affairs. These documents are filed with the bankruptcy court, along with payment of the filing fee. Q: Do you have to have a certain amount of debt to file? A: No. However, some sit
A person, partnership, corporation, or business trust may file a bankruptcy case. Corporations, partnerships and business trusts cannot proceed if they are not represented by an attorney. Only an individual can proceed without an attorney. However, the bankruptcy process is extremely complex, and individuals are strongly encouraged to seek competent bankruptcy counsel. If a person or the entity who owes the money, called the debtor, starts the bankruptcy, it is called a voluntary bankruptcy. If a creditor or creditors start the bankruptcy, it is called an involuntary bankruptcy. In an involuntary bankruptcy, the debtor has an opportunity to respond to the petition and show why the debtor should not be in bankruptcy.
