Facing large amounts of debt can be a scary experience, especially when it feels as though you have nowhere to turn to or nothing that will alleviate your financial problems. When burdened by financial crisis, though, one viable option is filing bankruptcy. Filing bankruptcy can give you an opportunity to start your financial plan anew, and can put an end to harassment from creditors.
Filing bankruptcy requires filling out multiple forms, and can take months to complete. If you need the protection of bankruptcy immediately, know how to file a bankruptcy petition in an emergency. An emergency bankruptcy petition will provide you with an automatic stay, or the immediate prohibition of creditors harassing you. A bankruptcy petition preparer like an attorney can help with the process.
When should a person file an emergency bankruptcy petition?
Filing bankruptcy can have a detrimental effect on your future finances and credit score, but can often be necessary for a person facing serious financial hardship. If you do have to file bankruptcy, doing so in the normal timeframe is usually preferable, as you’re granted more time to gather documents and properly fill out forms.
However, if you are facing an eviction, the foreclosure of your home, a car or other property repossession, know how to file a bankruptcy petition in an emergency to obtain an automatic stay.
Forms Necessary for Filing an Emergency Bankruptcy Petition
The first thing that you should do is double-check with the courts to make sure you have all the necessary forms you need to file your emergency bankruptcy petition. The forms required are Form 1 (Voluntary Petition), a Form 21 (Statement of Social Security Number), Form 201B (Certification of Notice to Individual Consumer Debtor), and a Verification of Creditor Matrix and Creditor Matrix. In some cases, an Order Dismissing Chapter 7 Case will also be required.
According to U.S. Bankruptcy Court, Western District of Texas, for an emergency Chapter 13 filing, a filing fee of $281 is also required, or an application for the fee to be paid in installments, or an application for a fee waiver. For an emergency Chapter 7 filing, the fee is $306. You will also need to file a certification of credit counseling. If you have not received credit counseling, you will have to file a motion either exempting you from credit counseling or explaining why you did not receive it.
Filing an Emergency Bankruptcy Petition in a Timely Manner
When filing an emergency bankruptcy petition, two things are very important: first, that you include all required documents in the application (and that they’re filled out completely), and second that you submit any additional required forms within 14 days. Failure to do either will most likely result in the dismissal of your case. If your case is dismissed, you will have the opportunity to file again.
Is a lawyer necessary when filing an emergency bankruptcy petition?
While it is possible to file an emergency bankruptcy petition without an attorney, doing so is not advised. In fact, because filing bankruptcy has long-term financial consequences, hiring a bankruptcy attorney is highly recommended.
An attorney can explain many confusing parts of the bankruptcy process in Texas.
- explaining the different types of bankruptcy.
- deciding whether or not filing an emergency petition is the best thing for you.
- discussing how to file a bankruptcy petition.
- outlining what you should expect after you file.
- and, helping you to gather all of the necessary forms and documents.
If you’ve been considering filing bankruptcy in Plano to escape debt, the attorneys at Warren & Migliaccio, LLP are ready to help. To get started today by setting up a free case consultation, call us now at 888-584-9614.
