How to file for an emergency bankruptcy petition and what all documentations are needed for it

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. 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. You may need to file an emergency bankruptcy petition to prevent a foreclosure sale, car repossession, eviction, lawsuits, and wage garnishments, and disconnection of utilities. It will also bring an automatic stay, which means all creditors’ collection efforts must stop, including phone calls and visits. 

 

Individual emergency bankruptcies are usually filed under Chapter 7 or Chapter 13 of the US Bankruptcy Code. Chapter 7 will eradicate all or most of your unsecured debts, while Chapter 13 will require the submission of a plan to repay the debts within three to five years. 

 

Before filing the emergency bankruptcy petition, you will need to take a court-approved credit counseling class, which can be taken online. Filing for bankruptcy may require filing over fifty pages, which will may take a lot of time. But with specialist bankruptcy lawyers, such as the ones available with Recovery Law Group, form filing for emergency bankruptcy petition can be completed online in a fast manner. Moreover, you will have to submit some essential documentation moving with emergency bankruptcy petition, and the remaining paperwork can be submitted in the coming two weeks’ time. These essential documents include:

 

·        Your identity information

·        Names and addresses of your creditors

·        Certificate of completing credit counseling requirements, and 

·        Form B121

 

In regards to Chapter 13 bankruptcy, the repayment plan will also need to be filed within 14 days, and must make your first payment within 30 days of initial filing. You will also generally have the opportunity to revise the terms of car loan. An emergency bankruptcy petition is a legal tool designed to give honest people debt protection from creditors so that they can regain their financial stability.  

 

As per Section 521 of the Bankruptcy Code, you will have to file the below documents also within 14 days of filing for emergency bankruptcy. 

 

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 payments 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. 

10.                        For Chapter 13 – the debtor must have filed all the required tax returns for the 4 years preceding the filing

 

If you need more information on your bankruptcy options, or need help with your emergency bankruptcy petition, you can contact specialist bankruptcy attorneys at Recovery Law Group. The attorneys will ensure that your petition is moved successfully, and not rejected due to incomplete documents or on other technical grounds. The attorneys will ensure that your creditors no longer harass you, and if they do, they will sue them for violating the automatic stay.