Bankruptcy Filing Procedures

Bankruptcy filing is a legal process that helps individuals or businesses unable to pay their debts. The process starts by gathering financial information and completing required forms, including a petition and schedules listing assets, liabilities, income, and expenses. This petition is then filed with the bankruptcy court. A filing fee is typically required. After submission, an automatic stay halts most collections against the debtor. The case is reviewed by a judge, and creditors may attend a meeting to discuss the debtor's financial situation. The process can lead to debt discharge or a repayment plan, depending on the bankruptcy type filed.