Macon GA bankruptcy attorney describes bankruptcy petitions

Macon GA bankruptcy attorney describes bankruptcy petitions

Bankruptcy pleadings in Macon Georgia

The bankruptcy petition is a document which initiates the bankruptcy process. The petition may be a voluntary petition, that is filed by the debtor, or it may be an involuntary one, which is filed by creditors who meet certain requirements. A voluntary petition must be as prescribed in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms can be obtained at legal stationary stores. The voluntary petition should include general information concerning 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 must indicate if the debtor qualifies as a small business as provided by the law and also if the debtor elects to be treated as a small business under the law. Once 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. A keeps possession and control of its properties and undergoes a reorganization under chapter 11, without the appointment of a bankruptcy trustee and before the confirmation of a chapter 11 plan. The appointment or election of a trustee happens only in a rare cases. Often, the debtor, as debtor in possession manages the business and carries out the functions that a trustee performs in cases under other chapters.

———————
Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA

http://www.macongabankruptcy.com