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What's the difference between an emergency bankruptcy petition and a regular one?
I am about two months behind on my mortgage payments, and have recently decided that my best option is to file for bankruptcy. I talked to a debt settlement company, but I don’t really trust that process.
Now I am not worried about the credit card debt anymore, and want to make sure I keep my home. Should I file an emergency bankruptcy petition, or a regular one? What’s the difference?
Answers
Unless you’ve already been served the notice of foreclosure, then you shouldn’t need to file an emergency petition. An emergency petition is essentially a "stripped down" bankruptcy petition that doesn’t include all the schedules and exhibits that are required in a traditional bankruptcy petition.
A normal bankruptcy petition can be completed in a few days, during which you can also get the credit counseling done. Then you can file bankruptcy normally and avoid some potential legal issues, complications and expenses of filing an emergency petition.
An emergency petition is really only necessary if you literally need to get your case opened in a day or so. In your case, you can take a few days to talk to some bankruptcy lawyers and get advice about what types of bankruptcy would be best for you, how to plan for it, plan your exemptions and find the best ways to save money now by avoiding paying debts that will be discharged by your bankruptcy.
Talk to a Bankruptcy Lawyer about how to get an emergency bankruptcy case opened quickly without making any mistakes that can cost you your home.
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Posted by Domenica Ginocchio on 02 Apr 2010
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