Cases filed in a bankruptcy court are termed as Bankruptcy cases. These courts in real terms are a part of the District Courts of The United States. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress. In addition the Bankruptcy court is assisted by the United States Trustee who draw their powers from the act of Congresss and handle many of the supervisory and administrative duties of bankruptcy proceedings.
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Bankruptcy cases have a set procedure that cannot be deviated in any way. The followings steps will clear the air.
a) Credit briefing. This is the first step.All bankruptcy cases must start with a credit briefing by an approved agency. The purpose is to explain to the debtor the consequences of his actions as well as suggest any alternate course of action. Failure to attend a credit counselling session can lead to the case for bankruptcy being dismissed summarily by the court.
b) Bankruptcy court as a rule has a reference from the District courts to hear the cases which in exceptional cases can be withdrawn.
c) Filing. Bankruptcy cases are begun by filing a petition in the designated court. You must file a case only in the court which has jurisdiction over where you stay. The petition must be accompanied by a list of all assets and liabilities as well as a statement of your financial condition. The court fees as required are also to be deposited with the court clerk at the same time.
d) Forms. With the advent of the internet a person seeking a bankruptcy decree can down load all the necessary forms on line. He can also get a list of lawyers who can represent him. Though theoretically one can manage without a lawyer, but in practical terms do not go into a bankruptcy case without one.
e) Chapters and Means Test. Bankruptcy cases can be filed under chapter 7 or chapter 13. Firstly chapter 7 is a simple and straight forward bankruptcy. But the person filing the bankruptcy plea must satisfy a means test. In case this is not to the satisfaction of the bankruptcy court the plea is liable to be dismissed. Means test refers to the average median income of the state where the debtor resides.However any person who has a regular income and satisfies the minimum wage standard can file under chapter 13.Individual debtors when filing bankruptcy cases must also attach their last filed tax return to the trustee appointed by the court. All payment advises that have been incurred during the last 60 days are also to be filed with the court. These are important as they will give a correct picture to the court of your financial health.
f) Creditor Debtor meeting.The next step in bankruptcy cases is the meeting of the debtor with the creditors. This meeting is attended by the trustee and all the creditors. This is important and you must be ready to answer all questions of the creditors. This will be the only meeting with the creditors and you will be answering questions on oath. In case the information provided is false or not true then you are liable for both criminal and civil action.
g) End. The process of discharge from debts usually takes place within three to six months from the date the bankruptcy case is filed. During this period a debtor has nothing to do except wait.
The bankruptcy law in the United States is a reformist law and it is in the interest of the debtor to make use of it to start a fresh life with sincerity and fortitude.
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