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Simple Truths about Bankruptcy
Bankruptcy is a misinterpreted word that is not discussed in open conversation. A person declaring bankruptcy is often looked down by society. In fact, bankruptcy is a good way to save face from bad loans and lead a respectable life. Bankruptcy is substantially explained on Recovery Law Group, which will expose myths about bankruptcy.
1. # 1 myth
Bankruptcy is often considered petrifying. In fact, bankruptcy is a good solution from never-ending debts, wage garnishments, creditors pressurization. It offers a fresh start for debtors and abstains foreclosure. All a debtor need is an experienced bankruptcy advocate to make the process simple and understandable.
1. # 2 Myth
Bankruptcy is a lengthy process. What is true about bankruptcy is its time limitation. It has a specific time period within which the case is to be wrapped up. In fact, you are cleared off in 90 days under chapter 7.
1. # 3 Myth
Bankruptcy damages credit. The bad loans that the debtor has, is cleared with bankruptcy giving him a clean slate to start his financial journey.
1. # 4 Myth
The debtor is at risk of losing his assets. There are some assets that the debtor can keep and some needs to be sold off to pay the debts. Nevertheless, the debtor does not wash off with all his assets, which can be true if he does not apply for the bankruptcy. Since the creditors will wash off with every single dime. By filing bankruptcy, depending upon which law -State or Federal, under which some properties are exempted. the debtor can save some of his assets and live a decent life.

All myths are busted, and some truths are reinstated about Bankruptcy. People, over-burdened by loans, that seem impossible for them to clear off, must take advice from an experienced bankruptcy advocate to understand the right course of action. The Government of USA has designed laws to help its citizens. And citizens genuinely in need must not hesitate to take help of the bankruptcy law. They can clear their doubts by calling at- 888-297-6203.
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By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
August 25, 2019
What to Expect While working with a Bankruptcy Attorney?
Financial issues can be quite demanding and confusing at the same time. Though the law does not require that you be represented by a lawyer while filing for bankruptcy, it is often advised to do so. The reason for this is that bankruptcy petition filing or a 341 hearing is much more complex than just filling out a few forms. There is a lot more that a bankruptcy lawyer can help you with. Here’s looking at some of the advantages that having a bankruptcy lawyer brings to the case:
- Help determine which chapter of bankruptcy will suit your individual circumstances best.
- Assessing your financial condition to determine whether you can pass the means test in the case of Chapter 7 bankruptcy.
- Ensuring that your exempted property is protected.
- Keeping sure that you haven’t waived off any rights involuntarily.
- Assessing which debts should be disputed.
- Determining any possible claims against creditors.
- Making you aware of your options with respect to secured debts and any non-exempt property.
- Taking care of communicating every detail of the proceedings to your creditors.
- Help prepare you as well as accompany you to meetings with creditors.
- Any objection filed to your bankruptcy by creditors is represented and handled by them.
- They file a motion for relief from the automatic stay and any other similar pleadings by creditors.
- They help enforce your discharge order so that you are able to enjoy full benefits for a fresh start.
Considering the various advantages that having a bankruptcy attorney can have on your case, it is important that you make a wise decision regarding this. Many times, cases filed without an attorney are more likely to be dismissed due to lack of proper documentation or any other reason. Instead of cutting corners at such a time, when you are financially struggling, you must consult with the best to get out of this sticky wicket.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 19, 2019
What Happens in Free Case Evaluation?
Living under constant threat of repossession or foreclosure is terrifying. There is no denying the fact that being under debt can hurt not just financially but also emotionally. In case you are undergoing troubled times where you are constantly at the edge due to insurmountable financial debt, working tirelessly to bridge the never-ending gap between needs and dues; you need to take control to attain financial freedom at the earliest. Consulting a bankruptcy lawyer can make you aware of any and all possible options open for you.

Can Bankruptcy be the Answer to Your Problems?

Many people with a large number of unsecured debts like credit cards or medical bills and unsecured loans etc. can take the help of Chapter 7 bankruptcy which helps wipe the slate clean and provides with a fresh start. To qualify for this type of bankruptcy, you need to pass the means test. For people who have higher incomes, lot of secured debts as well as significant assets, Chapter 13 can be ideal. In either case, you can get control of your life and also put money aside for children’s education, your retirement fund, etc. while simultaneously building your credit again. A bankruptcy consultation vis-à-vis your particular case can help you determine the next step.

Bankruptcy Myths can be Misconceptions

Many people who find themselves at their wit’s end while trying to manage huge debts are often victims of bankruptcy myths. There are many misconceptions surrounding bankruptcy such as you can lose all your property and belongings when filing for bankruptcy, or that your credit rating is such that you will never be able to get another credit line, buy any property once you file for bankruptcy. It will be surprising for people to know that many people who file for bankruptcy are able to keep all of their property. They are also able to get a fresh start with new credit cards to build their credit. They can even finance their home in a couple of years after discharge. Talking to a bankruptcy attorney will dispel all your bankruptcy related myths and get a clearer picture.
*Are you more than 60 days past due on your mortgage?
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*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 19, 2019
What Factors Should You Consider Before Choosing Bankruptcy Attorney in Los Angeles?
More often than not, bankruptcy is extremely frustrating. People are often at their wit’s end when they choose bankruptcy as an option. Choosing the best bankruptcy attorney or a law firm that has enough experience in dealing with similar cases can be an asset to your case. Since bankruptcy can have long term consequences, having an in adept legal counsel can help the case a lot. There is no dearth of bankruptcy lawyers in the city, however, it is often difficult to choose one from them. Having some tips available to help you narrow down possibilities can be a great relief. Los Angeles based law firm Recovery Law Group provides you with some tips to consider while filing for bankruptcy:

• Delay Doesn’t Help – Though the prospect of bankruptcy may seem daunting and scary, it should not be a deterrent in finding a bankruptcy lawyer. Instead of waiting till the last minute to look for one, you can start looking for bankruptcy lawyers well within time. This helps your case as the lawyer also gets enough time to prepare your case. If you think, your financial situation requires professional handling, do not procrastinate.

• Get recommendations – you will be surprised to know that bankruptcy is fairly common among people. More often than not, you might be able to find someone within your circle, who has had to take professional assistance to manage their financial problems. You can ask people around you for recommending bankruptcy lawyer. If an acquaintance is in the legal profession, they too can refer a reputed bankruptcy firm in your area. Alternately, you could also check certified bankruptcy specialists in your area. points to remember while choosing bankruptcy attorney should include:
- An experienced and knowledgeable attorney
- Proven track record in similar cases
- Should have A+ Better Business Bureau rating
- Have AV® Preeminent™ Peer Review Rating from Martindale-Hubbell®
- Excellent client reviews
- The supportive staff of associate attorneys
- Have 10 out of 10 AVVO rating
Compare Costs – Since you already struggling with finances, it is important that you compare costs. It is important to know that higher rates are not always equivalent to the high quality of service. Keep your eyes and ears open while consulting and be vary of anyone charging too high or too low.
Opt for Consultation – Most bankruptcy attorneys offer free consultations. This is a way to get an honest assessment of your case to determine if bankruptcy is the best course of action available. These meetings can come in handy as you get an opportunity to assess the experience and knowledge of the lawyers while getting an idea about how profound your situation is. You also become aware of the options available to you during these meetings.
Trust Your Instincts – Dealing with bankruptcy is often difficult and takes a toll on people. However, with the right attorney by your side, things can be manageable. Since bankruptcy attorney is the one to save you from dire consequences, you should always go with your gut instincts while choosing one.

Though bankruptcy may seem like the end of the world for you, it is not so. Consulting with a bankruptcy lawyer can help make things clearer for you. It is important that you do not delay your meeting with a lawyer to get rid of your financial worries.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 19, 2019
Should You Opt for Bankruptcy Planning?
For most people filing for bankruptcy can be quite traumatic. However, if you are aware that it is the only legal option available to take care of the ever-increasing debts, then you can prepare for it. Bankruptcy planning can be quite helpful for your case. In case you are unaware of the provisions of the Bankruptcy Reform Act (2005) and how they may affect your bankruptcy case, you might need the assistance of bankruptcy lawyers such as those belonging to Dallas based law firm Recovery Law Group.

Having a bankruptcy attorney by your side can help you with various issues such as:
- Exemptions available in bankruptcy
- Dischargeable and non-dischargeable debts
- Can you keep all of your personal possessions including home and car?
- How to re-establish credit score after bankruptcy?
Since these are a few of the numerous questions, swirling in the minds of people thinking of bankruptcy, it is important to take advice from expert bankruptcy lawyers. It is important to consult an attorney within time rather than wait until the last moment. It is often difficult to save home due to foreclosure or stop levy on bank accounts at the last moment. If you wish to stop creditors from wage garnishments or keep a debt collector out of your business, you need to consult with bankruptcy attorneys well in time. Since a number of statutes and time frames are to be considered while filing for bankruptcy, apart from deciding which chapter will be most beneficial for the client, people should indulge in bankruptcy planning.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 18, 2019
How Bankruptcy Lawyers can Help People Get out of Debts?
Debts can be daunting, especially if they are huge and have been accumulated without ever getting reduced. In such circumstances, it is extremely difficult to make any plans for the future as a majority of the time is spend trying to find a balance between averting crisis involved debt collectors. In order to break this vicious cycle and get ahead in life, you need to consult bankruptcy lawyers to know how bankruptcy can be of assistance for you in these tough financial times.

One of the primitive steps that you should take regarding your finances is to be aware of your options. People who are overwhelmed with the staggering debt often find it difficult to manage things despite working hard. For such people, bankruptcy provides a fresh start. To know whether bankruptcy is the best option for you, you need to consult bankruptcy lawyers.

A free case evaluation by them can help you become aware if bankruptcy can be the way for said relief. This can be enough to restore your peace of mind. Once you are aware of how to control your finances, you can rest with ease.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 16, 2019
Frequently Asked Questions about Bankruptcy
Many people who are facing grave financial issues, often have doubts about bankruptcy. It is therefore important to clear all your doubts related to it. Here are some FAQs about bankruptcy:

What is Personal Bankruptcy?

Personal bankruptcy offers 2 options mostly for individuals and couples; under Chapter 7 and Chapter 13. Both cases are designed to help people who are unable to pay their debts and get a fresh start. However, both options operate differently and are suitable for people with varying economic needs.

What is The Difference between Chapter 7 and Chapter 13 Bankruptcy?

Chapter 7 bankruptcy is an option available for people having relatively low income and a large number of unsecured debts (credit card and medical bills). In this case, most of the unsecured debt is eliminated. Post-discharge of debts, creditors and debt collectors can no longer make any attempt to collect any thus debts.

Chapter 13 bankruptcy is a solution for people with regular income but somehow have fallen behind on payments. People who do not qualify for Chapter 7 can opt for this. Debtors can keep all property and make monthly payments as per repayment plans to clear past dues over a 3-5 year period.

Can Bankruptcy be used to Stop Foreclosure?

In most cases, bankruptcy can be used as a mean to stop foreclosure. On filing for bankruptcy, an automatic stay is in place. This stay helps put a stop to any collection action including foreclosure, by creditors and debt collectors. Apart from this, type of bankruptcy, past due balance, available monthly income, etc. are factors which are considered to decide the time and monthly payments to catch up in Chapter 13 repayment plan.

Can Bankruptcy Help Stop Wage Garnishments?

As soon as the automatic stay is entered (filing of bankruptcy case), wage garnishment is stopped instantly. Depending on the type of bankruptcy and amount of debt, the obligation to pay may be eliminated entirely or the debt may be reduced to a manageable monthly repayment plan. It is a relief to know that garnishment is totally eliminated for most debts.

Can Bankruptcy help Stop Car Repossession?

Filing of bankruptcy case results in an automatic stay due to which all collection attempts including car repossession are frozen. Solutions are available depending on the value of the automobile, equity in the car, the amount owed by the debtor and other factors. The debtor could surrender the vehicle to get free of debt on the loan, or redeem the vehicle for the market value and catch up on past-due payments in case of a Chapter 13 repayment plan.

How Long Can a Bankruptcy Case Run?

The duration of a bankruptcy case depends on the complexity. Chapter 7 case is generally completed in a 4-5 month time frame, whereas a Chapter 13 case, where repayment of dues takes place requires 3-5 years. It can be completed sooner too, depending on the final payment and completion of a mandatory financial education course.

Can Bankruptcy Ruin my Credit?

Bankruptcy remains on your credit report for a period of 10 years. If you are considering bankruptcy, your bad credit is already in reports. In fact, bankruptcy can be a good way to rebuild your credit. Since bankruptcy results in the elimination of many past dues, as well as reduction and elimination of outstanding debts, it helps in giving you a fresh start. Any late payments on discharged accounts also carry less weight and are eventually eliminated from the credit report. People if after bankruptcy, begin managing their finances properly can start rebuilding their credit immediately and often end up qualifying for finances like home loans in 2 years!
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 16, 2019
The Creditors Meeting – All That You Need To Know!
The creditors meeting or the 341 hearing indicates the commencement of the case. This is mandated by the United States Bankruptcy Court for the specific states and is scheduled 30 days after the bankruptcy filing. The date and the time for this meeting of creditors along with the debtor is notified within a couple of weeks of filing.

Here’s how you need to plan for the meeting as a debtor –
- The meeting generally happens over a span of 2-3 hours. Also, take into account the travel time needed to reach the court
- There is no imperative dress code needed to bead hered to or to dress up fancily
- Getting through the security of the courthouse will be a process to adhere to – metal detectors for the personnel, X-Ray scanner for the objects that you carry, etc. If you are carrying anything that is prohibited by the court house, hand over to the security and reclaim prior to leaving the courthouse after your 341 hearing
Preparing for the meeting

Every the bankruptcy case will be assigned a bankruptcy trustee who generally questions regarding your financial status and the current scenario of bankruptcy. As a debtor, be prepared to answer his questions that are just directed to you for the purpose of confirming all the disclosed information or to gather supporting details. There is nothing to be worried and anxious about this interrogation as long as the debtors appear for the hearing and answer every question honestly.

Note the below about the meeting –
- 341 hearings are very concise and peaceful meetings
- No justification for the case of bankruptcy is expected from the debtor
- There is no mandatory attendance expected from the creditors for this hearing – so they rarely show up
- If the trustee or creditors uncover newer facts, they can request the judge to file a motion or an adversary proceeding. Hence it is advised that you discuss the proceedings with your bankruptcy attorney prior to the meeting and iron out all the facts involved in the bankruptcy filing
The Creditors Meeting

The actual creditors meeting in the courthouse can be scheduled for you and for many other debtors around the same time. So being on top of the list, that is posted outside of the door, will indicate you could be called in sooner than the others else you may need to wait for some the time before you are called in. But look at the wait time as an opportunity to know of the meeting protocol about what to expect, and how to respond to questions.

On the calling of your name, you will be asked to sit at a table near the front of the courtroom. After swearing you in, and seeking proof of your identity (produce the Social Security Number and a photo ID), the meeting commences. The bankruptcy trustee will be reviewing your forms and may pose a few questions. Answer them honestly in line with the information disclosed in the documentation. The key part of this meeting would be to validate the effectiveness of your repayment plan to repay the debts in the stipulated time and the fairness in treating all creditors equally.

Meeting conclusion

If there are creditors who have turned up for this 341 hearing, they can pose their queries once the trustee finishes. The type of creditors who turn up may be the secured creditors like your mortgage lender – it could be for the purpose of contending the collateral values.

Remember that the meeting of creditors is only the start of the bankruptcy case negotiations and hence the concerns of the trustee will also be treated with equal importance by the judge. The culmination to the filing will only occur after a month or two later.

In order that you are well prepared and equipped with the right amount of information, get the assistance of Recovery Law Group – they serve clientele from California, Nevada and Texas states.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 12, 2019
Reducing Your Car Debt – Chapter 13 Bankruptcy
Have did you buy your car using finance options over the last two and a half years ago? Then if you are struggling with paying back the car loan, the Chapter 13 bankruptcy in most cases help you reduce the rate of interest on the car loan or reduce the total balance of it.

Let’s understand further with a scenario – if your car loan balance is $20,000 at the end of three years and if the value of your car is just $10,000, then the remaining $10,000 converts as an unsecured debt (since the car doesn’t secure this). A percentage of this unsecured amount may or may not be paid off by you, in case you formulate a Chapter 13 repayment plan. In a lot of cases, the debtors repay only a small portion of their unsecured debts.

This opportunity is seen as savings for the debtor where the car loan balance is reduced. The assured benefit for the Chapter 13 bankruptcy filings is that the principal balance on the car loan can be reduced to the replacement value of the car – in the above case, it would be $10,000. The additional benefit for the debtor is that the interest rate would be set between four to six percent. Thus the claims that Chapter 13 bankruptcy for saving your cars and reducing your car debts is definitely a cheaper, effective and better choice compared to Chapter 7 bankruptcy. Chapter 7 bankruptcy is not consumer/ debtor friendly.

Living in Los Angeles? Getting a good car deal with your car debts is made possible with Recovery Law Group. Their bankruptcy attorney Los Angeles team can strike the beneficial plan around your car debts using Chapter 13 bankruptcy. Call in and book their appointments. The law firm also serves Nevada and Texas states.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 12, 2019
More About Emergency Bankruptcy Filing
The process of filing for bankruptcy usually involves the filling of various forms along with your bankruptcy petition – these forms are mandated by the court. Along with the forms, the debtor needs to gather all supporting information or documentation. This can take up a lot of his time. In cases, where the debtor is really stuck with a crisis situation like the foreclosure of a home or a wage garnishment, then he can file an emergency bankruptcy by filling a few of the needed forms to get the process started.

Why an emergency bankruptcy?

As soon as you file for bankruptcy, the automatic stay on collecting the dues from the debtor kicks in. Let’s say you have a car loan or a home loan that you haven’t been paying your dues against. The filing of a bankruptcy will stop the car loan financer or the mortgage company from repossessing your vehicle or the foreclosure of your home in this case, at least temporarily. However, there are limits and some exceptions to this automatic stay. Hence reach out to acclaimed bank attorneys for knowing the process of filing an emergency bankruptcy. Recovery Law Group is supportive for handling the minimalistic expectations or filling out of forms in cases of emergency bankruptcy and can initiate the automatic stay for the debtor. In this way, they can help you protect your property and you can take a little more time to complete the rest of the forms needed in this bankruptcy filing.

Things to note ahead of emergency filing for Chapter 7

Please make a note of the below conditions prior to filing for emergency bankruptcy
- The bankruptcy law requires the debtor to take a credit counselling class that has been approved by the court. The only exemption to not take up this course or class is if the debtor is physically impaired or disabled. Another exemption is for debtors who are in active combat zones. The class is also available as online or telephone courses. After the completion of the class (which also mandates the passing of a quiz), the certificate of credit counselling is issued. Please note that the certificate’s date is at least a day ahead of the filing.
- If you are seeking the relief from Chapter 7 bankruptcy, ensure that you take up the means test. Check out the guidelines and validate your eligibility with the bank attorney.
Emergency filing under Chapter 7 – Forms

In order to avail the benefit of the automatic stay, the bare minimum of documents that need to be filled and submitted are mentioned below:

Voluntary Petition: This is a document of three pages that contain personal information and the summary of your case viz. the a number of creditors and the approximate amount of debt.

Creditor Matrix: The information about the creditors or any other third party who need to be notified of your bankruptcy is chartered in the Creditor Matrix. The local bankruptcy court of your state may stipulate the parties who need to be notified and the required format

Exhibit D: The debtor needs to mention that he understands the credit counselling requirement of the court in this case. He supports the Exhibit D form along with the certificate of the credit counselling or mentions the reason for an exemption to the court (if the course hasn’t been completed)

Along with the aforementioned forms and a filing fee, you may file for emergency bankruptcy. The bank attorneys may insist of add-on forms to the above if they are mandated by the state that you are living in.

Completion of the rest of the forms – Chapter 7

The remaining of the bankruptcy filing forms can be completed within 14 days from the date of filing the emergency bankruptcy. The guidance of an experienced bankruptcy attorney Los Angeles for the state of California or even from the team that operates in other states will be crucial to fill out the rest of the forms. They are sometimes 60 pages long and the details that are expected to be furnished in there needs to be accurate and honest. Additional time can be sought from the bankruptcy court if it is needed. If the court approves it, a newer deadline for completion of forms is given to the debtor. Missing deadlines even after getting an approved extension will eventually lead to the dismissal of the case.

Understanding the Chapter 13 emergency filing

Now let’s quickly check if the process is any different in Chapter 13 as compared to Chapter 7 emergency filing.
- The credit counselling requirement stays intact here too. The only difference is that you need to ensure that your income is regular to pay off the debts as per the repayment plan that you will propose in Chapter 13 bankruptcy
- The same forms are applicable for Chapter 13 bankruptcy too and the good news is that the filing fee is lesser compared to Chapter 7
- Just as in the case of Chapter 7, you will be granted 14 days to finish the rest of the forms. In addition, the proposed repayment plan for Chapter 13 also needs to be completed in this 14-day tenure.
- The first payment as per the repayment plan needs to be made with in the 30 days of the emergency filing. Even if you have taken extensions to the deadline for the completion of the form, the date of initial filing is considered for calculating your first payment due. Note that your case can get dismissed, if the first payment is not received on time, by the trustee.
Hence understand the need of the situation and if you need an emergency filing, do so with an attorney who has ample experience doing this. He can work with you on the repayment plans, filling of the remaining forms and pursuing extensions on the deadline if you need additional time. Remember that your asset can be secured through the automatic stay and it will be important to be making the right decision with the right team of bank attorneys.
*Are you more than 60 days past due on your mortgage?
YesNo

*Do you own a home?
YesNo

Are you currently working?
YesNo

By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.
May 10, 2019