2007-03-05 09:02:22 · 5 answers · asked by pepper 2 in Business & Finance ➔ Credit
Bankruptcy is Federal so you file where you are currently living.
However there are residency requirements as to what regulations they go under. This is because some states have more favorable "Homesteading" regulations that make bankruptcy in their state better. I beleive residency it is 180 days but that may vary by state also. So if you have been living in AZ for a short amount of time you may still be under any CA regulations. You should talk to an attorney who deals with bankruptcy to get the exact information.
2007-03-05 11:09:50 · answer #1 · answered by OC1999 7 · 1⤊ 0⤋
Bankrupcy is Federal Court , and I believe you must file in your state , not another state .
2007-03-05 09:11:45 · answer #2 · answered by dolores h 5 · 0⤊ 0⤋
Bankrupcy law is federal, not State, and is filed in a Federal court, so it doesn't matter.
2007-03-05 09:05:00 · answer #3 · answered by Owlchemy_ 4 · 0⤊ 0⤋
its federal and not state..........
If your debts are controlling your life, you might be thinking about declaring bankruptcy. But before taking any action, get informed about the different types of bankruptcies and their effects on your life.
The various types of bankruptcy are: Chapter 7, 11, 12 and 13. Depending on the type of debt, quantity of debt and your status whether person or a company; will decide the appropriate category for you.
The most commonly filed bankruptcy is Chapter 7. It eliminates major portion of your unsecured debts like credit cards, or loans without security. After you file, your lenders cannot try to collect their dues from you. Your assets like homes or vehicles will be handed over to the trustee, who will then sell off these items and use the money to pay your creditors. This bankruptcy will take about 6 months to finish. You can file for bankruptcy under Chapter 7 only once in 6 months.
Businesses file under Chapter 11 bankruptcy. This allows them to retain their hold over their assets. The debts are repaid over a period of few months to few years. This type of bankruptcy is meant for restructuring debts and hence can be quite complicated. Use the services of an expert attorney while filing under this type.
Chapter 12 is the bankruptcy meant for farmers. Farmers can retain their assets and pay their debts over a period of time.
Chapter 13 bankruptcy is similar to Chapter 12. You can keep your assets that would have been normally disposed off under Chapter 7. Your debt is restructured and agreement about the payments is reached with your lenders. This allows you to clear your debt over a period of maximum of 5 years. However, there is a limit on the amount of debt that will allow you to use this type of bankruptcy. This limit varies from state to state, hence check out your state’s limits. A trustee will supervise your bankruptcy. You have to send your payments to the trustee, who will then distribute it among the various creditors. If you have problems making payments, you can switch over to Chapter 7 bankruptcy.
2007-03-05 23:18:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I believe bankruptcy is Federal, not state.
2007-03-05 09:04:39 · answer #5 · answered by Anonymous · 1⤊ 0⤋