Declaring Bankruptcy? Here's How to Get Started

Note: Want to skip the guide and go straight to the free templates? No problem - scroll to the bottom.
Also note: This is not legal advice.

Introduction

Definitions (feel free to skip)

Means Test: A means test is a financial assessment used to determine a person’s eligibility for Chapter 7 bankruptcy. It involves looking at a person’s income, assets, and necessary living expenses in order to determine if they qualify for the bankruptcy filing.

Discharge: Discharge is the legal process of eliminating a person’s debt when they file for bankruptcy. Once the filing is approved, the person’s debts will be discharged and they will be released from their obligations to pay them.

Reorganize: To reorganize is to restructure a person’s debt and create a plan to repay creditors over a period of time. It is typically used by businesses and high-income individuals who have a large amount of debt, and who need to restructure their finances in order to stay solvent.

Seizure: Seizure is the process of taking possession of an asset, such as a car or home, as part of a bankruptcy filing. It is typically used by creditors to collect on a debt if the person filing for bankruptcy does not have enough assets to cover the debt.

Timeline: A timeline is a plan outlining the steps a person needs to take to reach their goals. In the context of bankruptcy, it is a plan that outlines the steps that a person needs to take to repay their debts.

Debt Management Program: A debt management program is a program designed to help people manage their debt. It typically involves consolidating multiple debts into one payment and negotiating with creditors to lower interest rates or reduce the amount owed.

Contents

• Exploring the different types of bankruptcy and how they work
• Researching Chapter 7 bankruptcy
• Researching Chapter 13 bankruptcy
• Researching Chapter 11 bankruptcy
• Understanding the implications of filing for bankruptcy
• Examining the long-term impacts
• Assessing the short-term impacts
• Developing a plan for managing debt after filing for bankruptcy
• Establishing a realistic budget
• Setting goals for reducing debt
• Creating a timeline for debt repayment
• Explaining the process of filing for bankruptcy
• Researching the process
• Gaining an understanding of the paperwork and documents needed
• Gathering the required documents and paperwork
• Identifying the costs associated with filing for bankruptcy
• Researching the cost of filing
• Evaluating potential attorney fees
• Calculating the total cost of filing
• Examining the benefits of bankruptcy and understanding how it may help manage debt
• Assessing the long-term benefits
• Evaluating the short-term benefits
• Exploring alternatives to bankruptcy, such as debt consolidation or debt management programs
• Researching debt consolidation
• Researching debt management programs
• Assessing the pros and cons of both
• Answering commonly asked questions about bankruptcy
• Exploring the most common questions
• Researching legal resources to answer questions
• Finding reliable sources of information
• Researching the bankruptcy laws in your state
• Understanding the laws specific to your state
• Exploring how laws vary across different states
• Identifying the right type of bankruptcy for your situation
• Evaluating your current financial situation
• Assessing the type of bankruptcy that best suits your needs
• Consulting with a qualified attorney to make a decision

Get started

Exploring the different types of bankruptcy and how they work

Researching Chapter 7 bankruptcy

Researching Chapter 13 bankruptcy

Researching Chapter 11 bankruptcy

Understanding the implications of filing for bankruptcy

Examining the long-term impacts

Assessing the short-term impacts

Developing a plan for managing debt after filing for bankruptcy

Establishing a realistic budget

Setting goals for reducing debt

Creating a timeline for debt repayment

Explaining the process of filing for bankruptcy

Researching the process

Gaining an understanding of the paperwork and documents needed

Gathering the required documents and paperwork

Identifying the costs associated with filing for bankruptcy

Researching the cost of filing

Evaluating potential attorney fees

Calculating the total cost of filing

Examining the benefits of bankruptcy and understanding how it may help manage debt

Assessing the long-term benefits

Evaluating the short-term benefits

Exploring alternatives to bankruptcy, such as debt consolidation or debt management programs

Researching debt consolidation

Researching debt management programs

Assessing the pros and cons of both

Answering commonly asked questions about bankruptcy

Exploring the most common questions

Researching legal resources to answer questions

Finding reliable sources of information

Researching the bankruptcy laws in your state

Understanding the laws specific to your state

Exploring how laws vary across different states

Identifying the right type of bankruptcy for your situation

Evaluating your current financial situation

Assessing the type of bankruptcy that best suits your needs

Consulting with a qualified attorney to make a decision

FAQ:

Example dispute

Suing Companies for Bankruptcy-Related Issues

• Plaintiff may raise a lawsuit for breach of contract, negligence, or fraud if the company filed for bankruptcy and was not following the terms of the contract.
• Plaintiff must prove that the breach of contract or negligence was the cause of their losses.
• Plaintiff may also raise a lawsuit for breach of fiduciary duty if the company filed for bankruptcy and the fiduciary duty was not followed.
• Plaintiff must prove that the breach of fiduciary duty caused them to suffer financial losses.
• Plaintiff may also raise a lawsuit for breach of the automatic stay provision, if the company filed for bankruptcy and failed to comply with the automatic stay.
• Plaintiff must prove that the breach of the automatic stay caused them to suffer losses.
• Plaintiff may also raise a lawsuit for debtor in possession noncompliance if the company filed for bankruptcy and failed to comply with the requirements of the debtor in possession.
• Plaintiff must prove that the noncompliance caused them to suffer financial losses.
• Plaintiff may also raise a lawsuit for preferential treatment if the company filed for bankruptcy and gave preferential treatment to certain creditors.
• Plaintiff must prove that the preferential treatment caused them to suffer financial losses.
• Plaintiff may also raise a lawsuit for fraudulent transfers if the company filed for bankruptcy and made fraudulent transfers of assets.
• Plaintiff must prove that the fraudulent transfers caused them to suffer financial losses.
• Damages may include compensatory damages, punitive damages, and attorney’s fees.

Templates available (free to use)

Adversary Proceeding Answer Bankruptcy
Adversary Proceeding Complaint By A Creditor To Determine The Dischargeability Of A Debt Bankruptcy
Adversary Proceeding Complaint For Injunctive Relief Bankruptcy
Adversary Proceeding Complaint For Turnover Of Property By Non Custodial Entity Bankruptcy
Adversary Proceeding Complaint Objecting To Discharge Of Individual Chapter 7 Debtor Bankruptcy
Adversary Proceeding Complaint Requiring Prepetition Custodian To Turn Over Property Bankruptcy
Adversary Proceeding Complaint To Avoid And Recover Fraudulent Transfers Bankruptcy
Adversary Proceeding Complaint To Avoid And Recover Preferential Transfers Bankruptcy
Adversary Proceeding Complaint To Revoke Confirmation Order Bankruptcy
Adversary Proceeding Complaint To Revoke Discharge Of Individual Chapter 7 Debtor Bankruptcy
Adversary Proceeding Complaint To Subordinate A Claim Bankruptcy
Annulment Of Bankruptcy Proceedings
Bankruptcy Appeal As Of Right Notice
Bankruptcy Reclamation Complaint
Bankruptcy Reclamation Demand Letter
Chapter 7 Individual Bankruptcy Engagement Letter
Motion By Section 1114 G Of Bankruptcy Code Seeking Modification In Payment Of Retiree Benefits
Motion By Third Party To Quash Or Modify Bankruptcy Subpoena
Motion Designate Votes Pursuant To Section 1126 E Of The Bankruptcy Code
Motion Dismiss Or Transfer Venue Of A Bankruptcy Case Filed In Improper Venue
Motion Objecting To Bankruptcy Discharge Of Individual Chapter 7 Debtor By Section 727 A 8 9 Of Bankruptcy Code
Motion Quash Or Modify Bankruptcy Subpoena By Subpoena Recipient
Motion Seeking Leave To Appeal Bankruptcy Court Order
Motion Stay Pending Appeal In A Bankruptcy Case
Motion Transfer Venue Of A Properly Filed Bankruptcy Case
Motion Withdraw The Reference Under Federal Rule Of Bankruptcy Procedure 5011
Plan Process For Chapter 11 Bankruptcy
Proposed Order Designating Votes Pursuant To Section 1126 E Of Bankruptcy Code
Proposed Order Dismissing Or Transferring Venue Of Bankruptcy Case Filed In Improper Venue
Proposed Order Granting Motion By Subpoena Recipient For Order Quashing Or Modifying Bankruptcy Subpoena
Proposed Order Granting Motion By Third Party For Order Quashing Or Modifying Bankruptcy Subpoena
Proposed Order Granting Motion Objecting To Discharge Of Individual Chapter 7 Debtor By Section 727 A 8 9 Of Bankruptcy Code
Proposed Order Granting Stay Pending Appeal In Bankruptcy Case
Proposed Order Transferring Venue Of Properly Filed Bankruptcy Case
Standard Creditors Bankruptcy Petition
Standard Residential Freehold Sale Contract By A Trustee In Bankruptcy
Trustee Deed Of Assignment Bankrupts Vested Interest In Jointly Owned Residential Property

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