Moving Forward...

Information Concerning Bankruptcy:

Bankruptcy is a Federal statute which establishes a separate Federal Court system to administer and adjudicate Bankruptcy cases. Bankruptcy Law permits both individuals as well as businesses to eliminate debts and/or reorganize their debts in order to get a "fresh start" in life. Bankruptcy laws have been in effect since the 1800’s.  Even President Lincoln filed bankruptcy under the statute.  It is much easier to file for bankruptcy now than it was in Lincoln’s day.

In 1978 the United States Congress passed a new Bankruptcy law which allows most people to keep most if not all of their property and still eliminate their debts. At the end of a Bankruptcy case you receive a Discharge Order which means your debts are eliminated, so you can start life over with a clean slate.

After you sign your bankruptcy papers prepared by Catalyst Bankruptcy, there are certain tasks you must complete. These tasks are set out below.

• File all the bankruptcy papers prepared by us, any repayment plan prepared by the credit counseling agency and wage stubs for the previous 60 days

• Pay the filing fee

• Use first class mail to serve your Trustee with your most recent tax return, or a transcript of the return. The trustee must receive the return or transcript no later than seven days before the date set for the first meeting of creditors. This means you should mail the return or transcript as soon after you file you bankruptcy papers as possible. Failure to meet this deadline may result in your case being dismissed. (Your trustee and date set for your first meeting of creditors will be provided by the court on the copy of your petition and on the notice of filing bankruptcy sent to you and your creditors.)

• Use first class mail to serve your Statement of Intention on your Secured Creditors within 30 days after you file your bankruptcy papers.

• Attend the Creditors Meeting

• At the Creditors Meeting, be prepared to fully cooperate with the trustee by answering all his or her questions fully and accurately. Also, bring all documents requested by the trustee before the meeting, and provide all documents requested by the trustee at the meeting.

• Perform Statement of Intention within 30 days after creditors meeting.

• Attend Personal Financial Management Counseling within 45 days after your creditor’s meeting.

• File the Certificate of completion of financial management course no later than 45 days after your meeting of creditors