Filing an Emergency Bankruptcy Petition

Although it is never advisable to file for bankruptcy last minute, sometimes it is unavoidable. Filing for bankruptcy is a long and time consuming process that can take months or even years to complete. There are numerous documents that need to be completed fully and accurately to disclose all pertinent financial information. If any financial statements are incorrect or missing, you could face major issues. In an emergency situation, you probably don’t have time to spare. Luckily, emergency bankruptcy petitions exist so that you can file quickly and have extra time to finish completing the process later on. Here’s how it works:

What situations qualify as an emergency?

There are usually powerful issues that come into play that force an emergency bankruptcy petition. Typically, a situation qualifies as an emergency if you need to act fast to prevent one of the following from occurring:

Sale of your home through foreclosure 

Car or property repossession

Lawsuits

Garnishments

What documents are required to file an emergency bankruptcy petition?

If you don’t have the time to complete fifty plus pages of documents listing every detail of your financial history, emergency bankruptcy petitions allow you to file just a portion of the documents to start your case. Here are the four documents that are required at a minimum to file an emergency bankruptcy petition:

• Form B-1: Includes the first three pages of the bankruptcy petition.

• Creditor Matrix: Provide a list of all of the names and addresses of your creditors.

• Form B-21: Your social security number.

• Certificate of Credit Counseling: If you’ve received credit counseling, include proof of this. If not, you have two options. You can file a motion to explain why you did not obtain counseling. Alternatively, if you do not think you need to participate in consumer credit counseling, you must file a motion requesting that you be exempt from this requirement.

Depending on your bankruptcy court and which chapter of bankruptcy you are filing for, these requirements may vary. Regardless, you should immediately send your creditors a notice of your bankruptcy filing to ensure the prevention of an impending collection action. You will also need to pay the filing fee when you file your emergency petition.

Emergency bankruptcy situations often arise when someone waits too long to take action or ignores warning signs of financial trouble. If you are missing payments, don’t wait. Seek out the expert advice of a West Palm Beach bankruptcy attorney as soon as possible. The team at Kelley Kaplan & Eller can help you determine your best course of action and will guide you every step of the way. Give us a call today.