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The following article was published in our article directory on November 4, 2009.
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Understanding Bankruptcy Procedure & Process

Article Category: Finances

The bankruptcy procedure usually begins with a bankruptcy petition that is raised by the debtor or creditor.

A group of creditors can give a joint petition if the debt owed is huge. In filing the petition, the creditor must provide the proof that the debtor is unable to pay in order to get the petition into force.

The court now comes in picture and will determine whether to declare a bankruptcy or not. If the bankruptcy is cleared to be declared, then the court will have to appoint an Official Receiver who takes the role of controlling the debtor's property.

Within the next 21 days, the debtor has to submit a bankruptcy order to the appointed court official. With the order, the Official Receiver will take a decision on calling a meeting of creditors to share them about the statements of the debtors. The trustee will take control of the debtor's property and will decide which property will be sold to repay the loans and only a few properties will be exempted from the bankruptcy. Then the valuable items can be sold.

The official in charge of the debtor's properties will have to sell the properties, the sold amount will then be used to clear the debts of the debtor.

A secured creditor does not depend on the trustee for the repayment of the debts that are due to them. After the sale of the debtor's property if that amount is not enough to clear the secure loan, these secured loan will be first in line when it comes to claiming via unsecured loan. But if the sale exceed than the sum owed then the creditors need to pay that excess to the trustee so that is can be distributed equally among the other creditors. So who is this official appointed by the court? He is the Trustee. The Trustee is is a court assigned officer with certain authority. Also known commonly as the bankruptcy administrator, he has responsibilities of supervising the filed cases and activities between the creditors and the debtor.

All debtors who files for bankruptcy must go for credit counselling course. Do ensure that you attend the course from the court appointed one. The course will educate you in the details of bankruptcy. Knowing a little more about bankruptcy is important.

Keywords: bankruptcy procedure

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