Bankruptcy INK

Bankruptcy is a legal proceeding afforded to people who are unable to handle a financial crisis. Bankruptcy is available so that you can have a fresh start.

Bankruptcy comes in two varieties: Personal Bankruptcy (which is sometimes called Consumer Bankruptcy) and business bankruptcy. A Personal Bankruptcy (Consumer Bankruptcy) is the right to discharge a debt by an individual or a married couple. This is usually what people think of when they hear about filing bankruptcy.

The business bankruptcy is what a major corporation or business will file when they want to file bankruptcy. This type of filing is usually a Chapter 11 Bankruptcy. These are very complex cases, and often to go to a bankruptcy attorney who specializes in this specific subcategory for bankruptcy information.

There are two types of Consumer Bankruptcy options available for an individual or married couple, a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. There are specific forms and information needed prior to filing bankruptcy. What follows is some of the information you will need to fill out on the documents required for filing bankruptcy.

• Basic contact information including name, address, social security number of you and your spouse.

• General information about real estate you own and the value of the property and its assets.

• Information and lists of all your debts — who you owe, and the creditors claim that you owe.

• Lists of any leases or contracts that are still current you are a party to including residential, car and business leases.

• Information about your current income.

• Lists of your current expenses including utility bills, entertainment resources, business operational costs, etc.

• Statement of financial affairs including income from employment, payments to debtors, repossessions, foreclosures, and returns, closed financial accounts, etc.

There are many other important aspects to filing a Chapter 7 or Chapter 13 Bankruptcy that will be covered during your initial consultation at the Second Start offices. For more information please use the resources on this web site or call 800-SAVED-ME.