How to File an Emergency Bankruptcy Petition

Making the decision to file bankruptcy is often difficult for people because people often feel a religious and moral obligation to pay their debts.  Actually filing the petition once you have made the decision can be even more daunting.

Basic Bankruptcy Petition

The basic bankruptcy petition requires the following documents:

• The voluntary petition,
• The filing of schedules
• Listing the debtor’s property and debts,
• A statement of financial affairs
• A statement of “current monthly income” by all individual debtors with primarily consumer debts, and several other documents.
• These documents include a mailing list or "matrix' containing the names and addresses of the creditors and others that should receive notices from the court in the case.
• In addition, every individual submit to the court a statement of the debtor’s full social-security number.

It can often take weeks to gather all of this information and prepare the proper forms.  The forms are available on bankruptcy court websites.  There is bankruptcy preparation software that can make the filing of bankruptcy petitions easier.  Most bankruptcy courts allow electronic filing of petitions.  If a paper copy of the petition is filed, then a certain number of copies of the petition must filed depending on the chapter of bankruptcy.

Emergency Situations

An eminent sheriff’s sale of the home, or other property or wage attachment for debts or other liens means that a petition must be filed quickly.  The minimum documents a debtor must file to get the protection of the automatic stay in bankruptcy are:

• The Voluntary petition
• The mailing list or matrix of creditors
• An individual debtor’s Statement of Social-Security Number, and
• Exhibit D to Official Form B1, Individual Debtor’s Statement of Compliance with Credit Counseling Requirement
• A statement of the top 20 creditors

In addition to these documents, a filing fee must be paid to the court.  Individual consumer creditors can petition the court to allow them to pay the filing fees in installments.  Once the minimum documents are filed, a debtor has 14 days to complete the petition.  Statements and schedules can be amended to reflect any information that the debtor may discover after filing the emergency petition

Get Legal Advice First

A lawyer experienced in bankruptcy law can of great help in filing the required petitions and statements.  Additionally a bankruptcy will advise you which chapter of bankruptcy will provide you with the best debt relief and the fresh start that bankruptcy provides.