Oconee County GA bankruptcy attorney explains bankruptcy pleadings

Oconee County GA bankruptcy attorney explains bankruptcy pleadings

Bankruptcy petitions in Madison County Georgia

A bankruptcy petition is the document that starts the bankruptcy process. A petition can be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain criteria. A voluntary petition must be as provided in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms may be purchased at legal stationary stores. The voluntary petition should include standard information about the debtors name(s), social security number or tax identification number, residence, location of principal assets (if a business),the debtors plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy Code. Also, a voluntary petition should indicate whether the debtor qualifies as a small business as defined by the law and also if the debtor elects to be considered a small business under the law. When the debtor files a voluntary petition under Chapter 11, the debtor becomes the debtor in possession. In case of an involuntary filing, upon the entry of an order for relief, the debtor becomes the debtor in possession. The retains possession and control of its assets and undergoes a reorganization under chapter 11, without the appointment of a bankruptcy trustee and prior to confirmation of a chapter 11 plan. The appointment or election of a trustee takes place only in a rare cases. Often, the debtor, as debtor in possession runs the business and carries out the functions that a trustee performs in cases under other chapters.

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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy