Virginia Voluntary Petition for Non-Individuals Filing for Bankruptcy
Description
How to fill out Voluntary Petition For Non-Individuals Filing For Bankruptcy?
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FAQ
Bankruptcy. A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay. Chapter 7 bankruptcy. A liquidation form of bankruptcy for individuals that wipes out most debts in exchange for giving up most assets.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Bankruptcy is generally considered your last option because of its long-term negative impact on your credit. Bankruptcy information (both the date of your filing and the later date of discharge) stays on your credit report for 10 years.
Bankruptcy: The legal way for a business or person to get help when they can't pay the money they owe. In bankruptcy court, they can get rid of debts by paying part of what they owe.
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.
Bankruptcy is a legal process to help people who owe money, or debtors, get relief from debts they cannot pay and, at the same time, help people who are owed money, or creditors, get paid from assets property the debtor has.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills.