Using Prevail for Bankruptcy (Debtor Side)

An individual or business entity may file bankruptcy when they are unable to pay their debts in a timely manner. A person or business may file Chapter 7 bankruptcy for liquidation of assets. To qualify, one must have little to no income or assets. For a business, this filing may involve a complete shutdown of operations.

Individuals and sole proprietors may alternatively file for Chapter 13 bankruptcy, which allows for a reorganization plan to pay back at least a portion of debts. Chapter 11 bankruptcy, available to individuals but most commonly used by businesses, also allows for reorganization of debt.

In addition to preparing and filing necessary bankruptcy documents, and representing debtors at bankruptcy hearings, attorneys counsel individuals and businesses on how a bankruptcy may affect their short- and long-term financial situation. The attorneys also protect the debtors' rights. Business debtors are required to have an attorney when filing bankruptcy.

Bankruptcy law involves much document preparation, and Prevail's powerful document merge feature can make that process quick and simple. Prevail's Process Builder is a great tool for meeting deadlines in bankruptcy proceedings. For example, after you file a bankruptcy petition, several deadlines are established, such as filing schedules of assets, liabilities, assets, and income, and filing a Statement of Intention. If you enter the date you filed the petition, the Process Builder will automatically schedule all of the deadlines for you!

Custom fields included in the Bankruptcy (Debtor Side) law type:

  • Petition Delivery
  • Client Info Expected By
  • Reason
  • Mortgage Docs
  • MTA
  • Business Docs
  • Transcripts
  • Above Median
  • Other
  • Speed Notice
  • Reviewed By
  • 341(A) Hearing Date
  • 341(A) Hearing Location
  • 341(A) Hearing Time
  • Confirmed with Client
  • Confirmed By/On
  • Filing Fee Required
  • Filing Fee Paid
  • Fee Paid To
  • Paid On
  • Fee Type
  • Exemption
  • Discharge Date