There are many things you will need to know about Bankruptcy court. You can find these answers online, some of them are below, and you can also obtain answers from your bankruptcy lawyer. It is important that you have a lawyer to get you through this process. They are trained in the court system and will help ease the stress of the bankruptcy though that may seem impossible.
First the federal district court handles bankruptcy matters. They will have a clerk to help file the paperwork and generally there is a day you will have to go to court to file your motion and have a few questions asked. Most of the time there are other people in the same condition as you waiting to stand before the judge. The court will ask to see your documentation and ask you some questions. Depending upon the state of your documentation you may be dismissed with a promise to hear from the courts in a certain period of time as to whether the bankruptcy has gone through or you may have to reappear before a judge for further scrutiny. Some questions they may ask are about your job, your assets, and the debts included in the bankruptcy. They will also mention what debts are not allowed to be included in the bankruptcy.
There are also chapters to bankruptcy. Your lawyer and your circumstances will determine the chapter you file under. If at all possible you will want to speak with your creditors about settling the matters out of court to pay your debts, however this may limit your options and you may not be able to meet there terms. A chapter 7 bankruptcy most likely will allow you to settle without going before the judge whereas a Chapter 13 often requires an appearance before the court. It will depend on your creditors.
Below are some forms your lawyer may ask you to fill out. These forms will establish your current standings.
• Voluntary Petition
• Involuntary Petition
• List of Creditors Holding 20 Largest Unsecured Claims
• Summary of Schedules
• Schedule A – Real Property
• Schedule B – Personal Property
• Schedule C - Property Claimed as Exempt
• Schedule D – Creditors Holding Secured Claims
• Schedule E - Creditors Holding Unsecured Priority Claims
• Schedule F - Creditors Holding Unsecured Nonpriority
The website http://www.uscourts.gov/bkforms/ allows you access to these forms as well as any questions you may have in filling out the proper forms for the type of bankruptcy you will be filing. It can take up to six months to hear whether your debts have been dismissed. It is important to keep a clean credit record during this time and of course after. You will find that most creditors will not be willing to loan you money or offer you a credit card for several years after the bankruptcy. You will need to reestablish your credit by paying your car loans and other bills on time for several months. You also might seek a company to clean off the credit cards from your credit score after a sufficient amount of time from the bankruptcy to reestablish your credit. You will have to wait at least a year before you can begin to remove bad credit from your reports.
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