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Another one of the myriad documents that you must complete when you file for bankruptcy is Official Form 108, called the "Statement of Intention." This document tells the bankruptcy trustee, the judge, and your creditors what you intend to do with certain property and certain leases.
A Notice of Bankruptcy is sent to creditors after one of their debtors files a petition with the court attempting to claim bankruptcy. After receiving the notice, the creditor must take certain steps to protect their interest in the money they are owed.
Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills.
More than likely, you'd only be dealing with the two most common types of bankruptcies for individuals: Chapter 7 and Chapter 13.
Here are some of the most common reasons people go bankrupt: Credit Problems. The easy availability of credit cards and installment loans causes many people to spend money they don't have. ... Loss of Employment. ... Spending More than You Make. ... Medical Costs. ... Divorce. ... Unexpected Emergencies.
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.
A bankruptcy letter should be clear and concise and provide all the necessary information. It should include the name and contact information of the debtor, the date of the filing, the court where the bankruptcy was filed, the case number, and the type of bankruptcy filed.
What is The First Step In Filing For Bankruptcy? After you have decided to file for bankruptcy, the first step is to file a petition with the Bankruptcy Court. On the petition, all your of your debts and property must be listed as well as other schedules of assets and liabilities.