Steps To File An Emergency Bankruptcy Petition

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The documents required to file an Emergency Bankruptcy Petition with the Court Clerk.

1) Recheck and be sure if an Emergency Bankruptcy Filing is required

The procedure of Emergency Bankruptcy Filing comes in handy only when you need immediate bankruptcy relief, and you don’t have the time to go through the procedure and file a traditional bankruptcy. In a situation wherein without an automatic stay is in effect, stopping certain forms of collection on the outstanding debt may not be possible, this is the method you need to opt for. The situation may be foreclosure, vehicle repossession, or wage garnishment. A normal bankruptcy filing takes about a week for the attorney to complete the entire procedure, whereas, if an emergency requires immediate action, an Emergency Bankruptcy Filing requires a few hours at max.

2) The documents needed

Because of its rare occurrence, the attorneys often refer to these filings as “skeletal petition”.

The documents mandatory are :

1. A) Form 101, which is the Voluntary Petition for filing bankruptcy.
2. B) A certificate of counseling from an approved counseling agency for the district you are filing in.
3. C) A list with details of all creditors
4. D) Form 121, which is the statement of your social security numbers
5. E) Filing Fee. And if filing for Chapter 7, it should also include an application for Waive of the Fee, or to pay it in installments.

3) Deadline for the Documents

Even after filing for emergency bankruptcy, within 14 days of the same, you need to file for all the other documents. Section 521 of the bankruptcy code is a list of all the other documents a debtor needs to file.

1. A) Schedule of Assets and Liabilities, and Income and Expenses
2. B) Debtors Financial Affairs statement
3. C) A 342(b) Certificate
4. D) Evidence of all payment received within 60 days of filing the petition
5. E) Monthly Net Income Statement with its calculations
6. F) Statement of an anticipated increase in income or expense over the next 12 months from filing
7. G) Statement of intention on the secured property of the debtor.
8. H) Interest record in an Education Individual retirement account
9. I) for chapter 7 – a copy of the most recent tax return filed. For chapter 13 – the debtor must have filed all the required tax returns for the 4 years preceding the filing

There may also be other requirements, that your attorney can tell you the best. As it is important, you should hire a good one who can give you all the details. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the same.

Contact – (888-297-6203)

4) Importance of Hiring an Attorney

Bankruptcy is not as easy as it seems. To get overall complications, and to make sure no documents are missing, and your petition does not get rejected, hiring a professional is important. Look for a perfect one, who can actually help you.

Please be sure, if not necessary, don’t file for Emergency Bankruptcy.