how do your prepare a bankruptcy plan

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Expert Solution

Bankruptcy- It is a state when people cannot repay its debt and other obligation to creditors.

Bankruptcy plan- These are the steps in bankruptcy plan:

Reviewing and reevaluating your financial situation- Firstly you have to know the exact financial position of you business.
Take the credit counselling- You should take a credit counselling six months prior to the filing for bankruptcy.
Prepare bankruptcy petition and other documents
Court appoints a Trustee
Trustee makes the report of assets and liabilities and compare them to know the current financial situation
Meeting of creditors- Creditors meeting takes place that is very short.
Eligibility of filing chapter 7, 11 or 13 bankruptcy is proved.
Some plans and requirements- If you have any non exempt property, trustee will see whether it should be sold or seized. He will also see secured loans.
Taking financial management course- You have to complete a debtor's education course after than you can file "Certification of financial management course"
Case is closed by the court- After few days, your case will be closed officially.

jeff jeffy answered 1 year ago

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