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Relief In A Hurry: What To Know About An Emergency Bankruptcy Filing

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If you are in danger of losing your home to foreclosure, eviction or losing your vehicle to a repossession, a bankruptcy filing may be the answer. Bankruptcy contains a provision known as the automatic stay, which gives filers a temporary reprieve from collection actions. Most bankruptcy filings, however, contain reams of paperwork that can take some time to complete, and when you are in danger of losing property, time is of the essence. Read on to learn about filing an emergency bankruptcy to put a quick stop to creditor actions.

The Emergency Bankruptcy Package

It should be noted that a full bankruptcy package will be required at some point, but to gain immediate protection, you must at least file the following portion of the full package.

  1. The voluntary petition: a three-page form with personal information.
  2. The creditor's matrix: This is a complete listing of your debts, amount owed and each creditor's contact information. While you are undoubtedly stressed out and in a hurry to get this form completed, caution and care must be used in ensuring that every single creditor is included on the matrix. You can only get relief from those listed.
  3. Form B-1; which is the first three pages of the petition.
  4. Form B-21: Social Security number statement.
  5. Exhibit D: The education statement. A fairly new requirement for bankruptcy filing is a provision to complete two financial education classes. If you can show good cause, you may be able to delay taking the classes until later. For example, if you and your family are perilously close to being kicked out of your home, you likely have a good reason for a temporary continuance.

Bankruptcy Filing Fees

It can be challenge coming up with the $335.00 required for a filing a chapter 7 bankruptcy, but an emergency bankruptcy filing can end up costing you even more. That's because you are paying extra to speed the filing through the system and because you will end up having to file more than one packet of paperwork.

If you can show extreme need, you may be able to file a Form 3-A which asks that your fees be paid using an installment plan. A filing of Form 3-B requests a full waiver of filing fees for those truly indigent.

Followup Steps

  1. Even though your creditors are being notified of the filing, don't leave anything to chance: inform pertinent creditors of your filing and provide them with the case number over the phone. Any phone calls from now on from creditors should be given the same info, along with your bankruptcy attorney's name and phone number.
  2. File the remaining forms; you have about 14 days to complete your bankruptcy package.
  3. Complete any financial education requirements.

For more information, visit http://www.wflaw.net or a similar website.


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