Filing a petition requires numerous forms, which you will be required to take with you to bankruptcy court. Gathering the information necessary for filling out these forms can potentially take quite some time and, if you are facing an emergency and are at risk for wage garnishment or even home foreclosure, you will not have the time to fuss about with these forms. Instead, you will need to proceed with an emergency bankruptcy filing.
Upon filing for an emergency bankruptcy, an automatic stay will kick in, which will generally prohibit most creditors from continuing collection actions against you. Therefore, if you happen to be behind on your car payments, the car loan lender will not be able to repossess your vehicle, temporarily.
Here is what you need to know about proceeding with a Chapter 7 emergency bankruptcy filing:
- Before filing: To file for a bankruptcy, you must take a court-approved counseling class unless you are disabled or physically impaired in a way that prevents you taking a class. These classes are typically offered online, over the phone, or even in person. After you take this class and pass a brief quiz, you will receive a certificate of credit counseling, which must be dated at least a day before the date you file for bankruptcy.
- Forms required for filing: To get started on your emergency bankruptcy petition, you must file a voluntary petition, creditor matrix with verification, a certificate of counseling, and a filing fee. In some cases, you might even need an Exhibit D.
- Filing the rest of your forms: After you file the initial forms you will have 14 days to complete the remaining bankruptcy forms. If you fail to do so, the court will dismiss your bankruptcy case. If you need more time, make sure you file a request to avoid missing the deadline.
If you are moving forward with a Chapter 13 emergency filing, here is what you should know:
- Before filing: You will have to fulfill the same credit counseling requirement as you would in a Chapter 7 bankruptcy, though you will not be required to verify whether your income qualifies. You should, however, make sure your income is regular enough to make your monthly payments to the Chapter 13 trustee.
- Forms required for filing: You will have to file the same forms required in an emergency Chapter 7 bankruptcy, though there will be a difference in the filing fee.
- Filing the rest of your forms: Again, as is the case in a Chapter 7 emergency filing, you have 14 days to file the rest of your forms for a Chapter 13 bankruptcy. This should also include your repayment plan. Additionally, you will have to make your first payment to the Chapter 13 trustee within 30 days of your initial filing, so make sure to pay it on time even if you are able to obtain an extension for filing the rest of your forms.
Bankruptcy Law Attorneys in Worcester and Framingham
If you are struggling to pay off your debts and are in need of immediate relief, you should reach out to the Law Office of Robert W. Kovacs, Jr. for the skilled legal help you need to get you through this financial bump in the road. We understand that making the decision to file for bankruptcy is a difficult choice, which is why we are dedicated to walking you through every step of the way to ensure you feel confident that you are taking the best possible course of action.
Reach out to our law firm today at (508) 926-8833 to take the first step toward taking control of your financial future.