How fast can you file bankruptcy?
Chapter 7 or Chapter 13 bankruptcy can be filed in a matter of minutes. However, you will have to supply certain documents to your attorney and pay all legal fees and court fees in advance of filing. Under certain circumstances you may be able to pay the filing fee in installments or have it waived. Most attorneys charge additional fees for an emergency filing as well.
What is an emergency bankruptcy filing?
An emergency bankruptcy filing simply means that only the three page voluntary petition is filed. The credit counseling certificate and list of creditors is due 7 days after filing with the remaining schedules and statements due 14 days after filing. With a typical bankruptcy filing the petition, schedules, and statements are filed at once.
Why would you file emergency bankruptcy?
Some of the reasons that you might file an emergency bankruptcy is to stop a foreclosure, wage garnishment, repossession of your vehicle, bank account levy, and much more. Although certain circumstances justify filing an emergency bankruptcy it should not be filed unless absolutely necessary.
What are the risks associated with filing an emergency bankruptcy?
With a typical bankruptcy filing you are given as much time as needed to review the bankruptcy petition, schedules, and statements prior to filing to ensure all documents are accurate and that there aren’t any issues. With an emergency bankruptcy filing your case is filed before the petition, schedules, and statements have been prepared, and any issues that exist at the time of filing cannot be corrected after filing.
One of biggest issues with filing emergency bankruptcy are the deadlines. You are only given 7 days to submit the list of creditors and credit counseling certificate and 14 days to submit the remaining schedules and statements. This is not a lot of time to complete the paperwork. Failure to comply with either your attorney or court will lead to dismissal of your case.
If you are considering filing emergency bankruptcy you should consult with an experienced bankruptcy attorney prior to doing so. Our bankruptcy attorneys are on call 24/7 to handle your emergency bankruptcy filing.