Lesson 18: Filing the Petition

Filing the petition is the essential first step in the bankruptcy process. It officially starts a bankruptcy case and triggers the automatic stay, which stops most collection actions against the debtor. This lesson covers the steps involved in filing the bankruptcy petition and key considerations for effective filing.

Steps to File a Bankruptcy Petition

Filing a bankruptcy petition involves several critical steps:

  1. Complete Required Forms: The debtor must fill out various forms, including the bankruptcy petition, schedules, and statements of financial affairs.
  2. File Petition with the Court: The completed forms must be filed with the appropriate bankruptcy court.
  3. Pay Filing Fees: The debtor must pay the required filing fees or apply for a fee waiver.

Automatic Stay

Once the petition is filed, the automatic stay is triggered. This legal provision prevents creditors from pursuing collection efforts. For more details on the automatic stay, refer to Lesson 5: Automatic Stay Provision.

Court Jurisdiction

Bankruptcy cases are filed in federal bankruptcy courts. The jurisdiction of these courts is detailed in Lesson 90: Jurisdiction of Bankruptcy Courts.

Key Forms for Filing

Some key forms that need to be filed include:

  • Voluntary Petition for Individuals Filing for Bankruptcy (Form 101)
  • Schedules of Assets and Liabilities (Forms 106A-J)
  • Statement of Financial Affairs (Form 107)

Filing Fees

The current fees for filing a bankruptcy petition are:

  • Chapter 7: $335
  • Chapter 13: $310

Fee waivers are available for individuals who meet certain income criteria.

Filing Process Diagram

graph TD A["Complete Required Forms"] --> B["File Petition with Court"] B --> C["Pay Filing Fees"] C --> D["Automatic Stay Triggered"]

Practical Insights

When filing a bankruptcy petition, consider the following:

  • Accuracy: Ensure all information provided is accurate and complete to avoid delays and complications.
  • Timeliness: File the petition promptly to benefit from the automatic stay and other protections.
  • Legal Guidance: Consult with a bankruptcy attorney to navigate the complexities of the filing process.

Further Reading

For a comprehensive understanding of the bankruptcy process, explore these lessons:

For more on bankruptcy law, you can also check out this guide on Amazon.

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