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Bankruptcy

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A bankruptcy petition is a set of forms (also known as schedules) on which a debtor filing for bankruptcy discloses detailed financial information to the bankruptcy court. These forms will require you to list all of your assets (real property and personal property), your monthly income and expenses, and the debts you want to eliminate or discharge in bankruptcy. Your bankruptcy case begins when you file the bankruptcy petition with the clerk of the bankruptcy court.

In Wisconsin, as in all states, a bankruptcy petition is the formal document filed by an individual or business to initiate bankruptcy proceedings. The petition includes various forms, often referred to as schedules, which require comprehensive disclosure of the debtor's financial situation. This includes listing all assets, both real and personal property, detailing monthly income and expenses, and identifying all debts the debtor seeks to discharge. The filing of the bankruptcy petition marks the official start of the case and is submitted to the clerk of the bankruptcy court. Federal law, specifically the U.S. Bankruptcy Code, governs the process, while local state rules, including those in Wisconsin, may dictate certain procedural aspects. It's important for debtors to accurately complete all forms to comply with the bankruptcy process and to consult with an attorney if they need assistance navigating the complexities of bankruptcy law.

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Bankruptcy

petition

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Wisconsin State Code

Wisconsin State Code

Bankruptcy

petition

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