By Ryan C. Wood
Have you ever wondered how to claim bankruptcy? To file for bankruptcy protection a voluntary petition with the various statements and schedules need to be filed with the Bankruptcy Court in your jurisdiction. Remember the Bankruptcy Code is federal law. You will not be filing for bankruptcy at your local county superior court. What chapter of the Bankruptcy Code you filed under is determined by your particular circumstances, assets, debts and expenses.
Filing bankruptcy is to obtain a fresh start. To help have a fresh start you still need a vehicle and your stuff to live life. There are federal exemptions or your state can opt out of the federal scheme and make their own exemptions to protect your assets. California has to set of exemptions governed by California Civil Procedure 703 and California Civil Procedure 704. There are limits to the amount of your assets that can be protected. Most of your stuff is not in danger of being liquidated or sold to pay off your debts. If you have high value stuff like jewelry or multiple paid in full vehicles all of your assets may not be protected.
The venue you choose to file the voluntary petition in is usually determined by where you live or where the majority of your assets are. See Section 1408 of the Bankruptcy Code for additional information. If there is a reason to file for bankruptcy protection in a jurisdiction other than where you live make sure you have a thorough discussion with your bankruptcy attorney about venue.
Once the voluntary petition is filed you not have protection. Have you ever heard on the news or someone talking about seeking bankruptcy protection? What protection do you get if you file for bankruptcy? Most people file to get rid of debts they can no longer afford to pay back. The protection received is from those who are owed money. Section 362 of the Bankruptcy Code provides for the automatic stay. The automatic stay is a temporary injunction or order by the Bankruptcy Court stopping any and all collection activities such as phone calls, lawsuits, repossession, wage garnishment or home foreclosure. If you continue to receive collection calls after your bankruptcy petition is filed contact your bankruptcy lawyer immediately to deal with the creditor.
Once the voluntary petition for bankruptcy is filed then 341 meeting of the creditors will be scheduled about thirty days from the date the petition was filed. Section 341 of the Bankruptcy Code requires this hearing be held. The 341 hearing is administered by the trustee assigned to your case. You will be asked some questions under penalty of perjury about your income, expenses and assets. It is really verifying the information in the bankruptcy petition. You will need a valid government issued identification and proof of your social security number. So the meeting of the creditors should be about a month after you file for bankruptcy. Certain documents must be provided to the assigned trustee before the meeting of the creditors.
