Bankruptcy 101: The Petition for Relief
The bankruptcy process begins with a petition for relief. Also known as a bankruptcy petition, the petition for relief is your official request to the court to have your debts discharged. As arguably the most important document in the entire process, your New Jersey bankruptcy attorney at Lucid Law will help you ensure that your petition is accurate and filed correctly.
What Is the Petition for Relief?
The petition for relief details your need for debt discharge. It includes your name and other identifying information, as well as a thorough description of your assets, liabilities, including all your debts, and your income. The date that the petition is filed with the court becomes the petition date, which is when your case officially begins.
Filing a Petition for Relief
Filing a petition for relief is one of the most grueling parts of the bankruptcy process. It involves providing exhaustive financial records, including records on all of your debts, how much is owed, your monthly payments, and any payments made in the 90 days prior to the filing date. You must also supply information about your household income and any personal and real property assets you have. While many people end up having most or all of their assets exempted from the bankruptcy process, you still must thoroughly document these assets to avoid delays in your bankruptcy. After reviewing all of your information and verifying its accuracy, your New Jersey bankruptcy attorney at Lucid Law will file your petition for relief.
Information You Need
Having the proper information ready right away can save a substantial amount of time and allow your attorney to begin working on your case more quickly. Everyone named in the bankruptcy petition should provide the following information:
- Annual income and recent paystubs
- Documentation of assets and their approximate value
- Each company with whom they have a debt, as well as the debt’s value and payment amount
- Information regarding other financial obligations, such as rent, child support, and household bills
Your New Jersey bankruptcy attorney at Lucid Law will tell you exactly which documents and records are needed after your in-person FREE initial consultation in our Morris County, Middlesex County or Somerset County, New Jersey, office. Once you hire Lucid Law and we prepare your petition for relief, and before filing your petition for relief in the appropriate bankruptcy court in New Jersey, Lucid Law will schedule an appointment with you to review your petition for relief thoroughly. Any inaccurate or omitted information could lead to a delay in your discharge or dismissal of your case, so you need to be sure you review your petition for relief carefully.
What to Do After Filing Your Petition for Relief
The petition indicates your intention to have your debt discharged, and it serves as a notice to lenders that they must cease all collection efforts. Upon filing your petition for relief in a New Jersey bankruptcy case, you can call your creditors, give them your case number, and tell them that you are filing bankruptcy.
With the right help, a New Jersey bankruptcy process can move quickly and smoothly. Get started now by contacting Lucid Law at 908-738-8272 to schedule your consultation in one of our New Jersey locations: 3640 Valley Rd, 2nd Fl, Liberty Corner NJ 07938; 510 Thornall Rd., Suite 270, Edison, NJ 08837; or 52 Maple Ave, Morristown, NJ 07960. Our New Jersey bankruptcy law offices are conveniently located in Somerset, Middlesex and Morris counties.