Answers to Frequently Asked Bankruptcy Questions
A complete Chapter 7 personal Bankruptcy filing includes Form B8, the “Statement of Intention”.
This form tells the Trustee what your plans are for property and contracts in your name: debts secured by property of the estate; and personal property subject to unexpired leases.
A Bankruptcy Court may close a case when all of the required documents are not filed or properly completed. When such a case is closed, it must be re-opened before new or additional documents can be filed.
So how exactly does a person re-open a closed Bankruptcy case?
If the debtor in the Chapter 13 case moves out of a location where he or she is paying rent and then moves to another location where no rent is required, at least two issues arise:
With Standard Legal’s Bankruptcy product, multiple (and unlimited) pages of unsecured creditors can be prepared.
Personal credit card debt incurred to pay business obligations can be discharged as part of a personal Chapter 7 bankruptcy. But the Bankruptcy Trustee would have the right to review the business records of the LLC to determine whether the debtor’s ownership interest in the LLC has value that can be used to pay the debtor’s personal creditors through the bankruptcy case.
In most cases, an “emergency” petition can be filed with the clerk of the bankruptcy court (commonly referred to as a “skeleton petition” or “skeleton case”) using a portion of the forms required for the complete filing.
The nature of a debt and the existence of collateral determine which schedule should be used when filing for personal Bankruptcy.
“Small Claims” is typically a legal case filing or court judgement for a small dollar amount (i.e., a case with a value in dispute that is easier to file and pursue in small claims court vs. common pleas court).
In most Chapter 7 Bankruptcy cases, any delinquent federal taxes owed by the filer would be listed on Schedule E, Creditors Holding Unsecured Priority Claims.
The requirement for the eight year waiting period between filings of Chapter 7 bankruptcy by the same individual is based on the date of filing of the original case to the date of filing of the new case.