Savannah Georgia bankruptcy law firm describes filing for bankruptcy

Bankruptcy pleadings in Chatham County Georgia

A bankruptcy petition is the document that begins the bankruptcy process. The petition may be a voluntary petition, that is filed by the debtor, or it may be an involuntary petition, which is filed by creditors who fulfill certain criteria. 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 may be purchased at legal stationary stores. A voluntary petition must include standard 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 should indicate whether the debtor qualifies as a small business as provided by the law and also whether the debtor chooses to be treated as 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 petition, upon the entry of an order for relief, the debtor becomes the debtor in possession. The keeps 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 happens 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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Savannah Georgia bankruptcy lawyer | Bankruptcy attorneys in Savannah GA and Richmond Hill – Filing for Chapter 13 Bankruptcy and Chapter 7 Bankruptcy in Savannah GA

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