State laws govern financial obligations within the state, medical bills, and leases for example. When a debtor seeks bankruptcy protection, federal law overrides state law. Federal law provides a uniform law on the subject of bankruptcies throughout the United States.
While bankruptcy laws are usually under federal jurisdiction, some states give you the option to “opt out” and selecting state exemptions. Some states property exemptions differ significantly and could be better than the federal exemptions in your case. Your Plano bankruptcy attorney will know the advantages of taking the federal or state exemptions. You can not pick and choose like a menu, it’s either one or the other.
Gather your Financial Information
Using your detailed financial information, you will fill out the forms needed for bankruptcy. Some of these will be:
- Debts, all debts current and late, who is owed what, current balances, interest rates.
- Living expenses; rent, mortgage, utilities, food, child support, alimony, clothing, medical expenses.
- Income, any money you receive for any reason within the past six months and include any money you expect to receive in the future.
- Property and Assets, homes, vehicles, stocks, savings accounts, collectibles, also include any personal possessions that may be exempt.
Where to File
You will file your bankruptcy paperwork in the federal bankruptcy court that covers your geographical area. You can find the closest location to your home or your place of business using the court locator on the United States Court web site. The law allows you to file where most of your assets are located.
If you have more questions about jurisdiction in a bankruptcy or any other questions or concerns, contact a Plano bankruptcy attorney to get the answers you need.