Uniquely packaged forms and information for Chapter 7 or 13 bankruptcies, including detailed instructions and other resources. Click and view the Free Preview for the latest revision dates and a complete overview of contents.
Louisiana Western District Bankruptcy Guide and Forms Package for Chapters 7 or 13
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FAQ
There are only a handful of reasons a chapter 7 bankruptcy will be dismissed by the court. However, what it usually boils down to is that the client didn't go to the hearing, finish the financial management course, or didn't tell the attorney about a valuable asset or stream of income..
But less than 1% of bankruptcy applications are rejected by the Insolvency Service, so you need to stop worrying and find out the facts. What happens if a bankruptcy application is refused? Do you have a better alternative?
What Documents Do You Need to File for Bankruptcy? Tax Returns. Income Documentation. Vehicle Registration, Proof of Value & Insurance. Retirement And Bank Account Statements. Identification. What Information Do You Need to Complete the Bankruptcy Forms? Credit Counseling Requirement.
Identifying Information. The Voluntary Petition for Individuals Filing for Bankruptcy form acts as the cover sheet for your paperwork. Your Property. Your Exempt Property. Your Collateralized Debt. Your Other Debt. Your Contracts and Leases. Your Codebtors. Your Income.
A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
In most cases, you can only dismiss your Chapter 7 bankruptcy for cause (meaning that you must have a good reason). If you don't have any nonexempt property that the trustee can liquidate and you have a valid reason for requesting dismissal, many bankruptcy courts will allow you to voluntarily dismiss your case.
There are two types of bankruptcy for individualsthe discharge of debts and the payment plan. Chapter 7 of the Bankruptcy Code is for the discharge of debts, which is the traditional bankruptcy. Under Chapter 7, you either pay for or give up your property for secured debts.
Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Generally, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of chapter 7 cases.
A bankruptcy dismissal closes your bankruptcy case, and if it occurs before you receive a discharge, it will mean that: you've lost the protection of the automatic stay (the order that prohibits creditors from collecting debts), and. you'll continue to be liable for your debts.