Use Signature Notifications For Legal Missouri Bankruptcy Forms For Free

One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1).

A bankruptcy discharge is a legal tool that can help get you get out of a debt, but it comes with serious consequences. Even if a discharged debt sounds like a good idea, you should weigh the pros and cons before going down this path, which can harm your credit for years.

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.

The primary purpose of a Chapter 11 bankruptcy is to give business entities and individuals with large amounts of debt an opportunity to reorganize their financial affairs. The debtor in Chapter 11 ordinarily files a plan of reorganization to be voted on by its various classes of creditors.

Most Chapter 7 bankruptcy cases take between 4 - 6 months to complete after filing the case with the court. The order erasing eligible debts can be granted as early as 90 days from the date the case was filed.

Very soon after the bankruptcy petition is filed, the clerk's office mails a notice to creditors that a debtor has filed for bankruptcy.