Getting Some Quick Debt Relief
If you have made the decision to file for chapter 7 bankruptcy, you may now be looking at filling out quite a bit of paperwork. This time-consuming process can delay your filing, and sometimes that delay could seriously affect your property holdings, standard of living and peace of mind. There is a solution for those who need some quick debt relief, so read on to learn more about filing an emergency chapter 7 bankruptcy.
How can an emergency filing help me? In two words, the automatic stay. This powerful legal maneuver can put an immediate stop to debt collections, foreclosures, evictions, repossessions, and utility cut-offs. The only way to get this relief is through a federal filing, and you can do so with a reduced-document bankruptcy package that contains the following forms instead of the usual large package.
1. Creditor's Matrix: There is no getting away from this form, since it is very likely the most important part of your filing package. Here is where you will list all of your debts along with the contact information for each creditor. Be careful when completing this form, since leaving a creditor off means the debt will be yours to pay after the bankruptcy is complete.
2. Form B-101: This form contains personal information and is 8 pages long.
3. Form B-21: This is a short form concerning your Social Security number.
4. Exhibit D: All filers must take a class that evaluates your budget and your ability to pay your debts without declaring bankruptcy prior to filing. You may be able to skip the class (for the time being) if you can show good cause to proceed quickly with the filing, such an eviction.
The fees: While your bankruptcy package is reduced, the fees are not. Since you must eventually complete the entire package, you must pay the full fee amount at the time of your filing. A chapter 7 filing costs $335.00. You might be able to get that amount reduced or waived by filing form 3B, or to pay using an installment plan by filing Form 3A.
Complete your filing: Please note the relatively short time-line for completing the rest of your bankruptcy package after the emergency filing. You must get the remainder of the paperwork in before 14 days have elapsed or risk having your to bankruptcy invalidated. This means you must start over again.
Talk with your bankruptcy attorney, like Clinger Richard S, for more information about an emergency bankruptcy filing.