Bankruptcy Basics provides general information about federal bankruptcy laws and the bankruptcy process. It is not a guide for filing a bankruptcy case. Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law.

Moreover, a bankruptcy discharge does not extinguish a lien on property. How Chapter 7 Works. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.

The Bankruptcy Code and Bankruptcy Rules (and local rules) set forth the formal legal procedures for dealing with the debt problems of individuals and businesses. There is a bankruptcy court for each judicial district in the country. Each state has one or more districts. There are 90 bankruptcy districts across the country.

BackgroundA chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for …

Bankruptcy Forms B 3130S Order Conditionally Approving Disclosure Statement, Fixing Time for Filing Acceptances or Rejections of Plan, and Fixing the Time for Filing Objections to the Disclosure Statement and to the Confirmation of the Plan

Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights. Court employees and bankruptcy judges are prohibited by law from offering legal advice. The following is a list of ways your lawyer can help you with your case.

While individuals can file a bankruptcy case without an attorney, or “pro se,” it is extremely difficult to do so successfully. Bankruptcy has long term financial and legal consequences, and hiring a competent attorney is strongly recommended. Debtors must list all property and debts in their bankruptcy schedules.

The U.S. Bankruptcy Court for the District of New Hampshire will be closed for the day on Friday, August 9, 2024, for staff training.The court's CM/ECF system and PACER will remain available for electronic filing and research.

Bankruptcy generally provides two options: liquidation or reorganization. Liquidation is the selling of a debtor’s assets, if any are available, to pay creditors. Reorganization involves obtaining a bankruptcy judge’s approval of a plan for repayment over time of all or a …

Bankruptcy is a set of federal laws and rules that can help individuals and businesses who owe more debt than they can pay. Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy court. Bankruptcy cases cannot be filed in state court.