Using a Chapter 7 Means Test Calculator to Help with Emergency Bankruptcy Filing

The decision to file for bankruptcy is a very serious one. And individuals that want to file for one should take enough time to consider all debt-relief options before choosing one that’s best for them. So read all of the pros and cons of bankruptcy before making any judgment. The best option for you may or may not include filing for a bankruptcy discharge. Most importantly take into account things you should do to deal with the financial stress.

Chapter 7 Means Test Calculator and Emergency Bankruptcy Filing

If you are, at all, curious if bankruptcy is for you, take a chapter 13 calculator to understand what your Chapter 13 plan payment may be or a Chapter 7 means test calculator to estimate qualification. Additionally, if you have filed for chapter 7 before and are curious if you can do chapter 13 after chapter 7, make sure you have all the information needed.

However, some situations may require that you file for a bankruptcy petition fast. In those instances, you may have just a few hours or days to stop a situation that’s worse than filing for bankruptcy.

Some reason for filing for bankruptcy hurriedly includes:

·        Vehicle repossession

·        A pending foreclosure sale

·        Getting a debt collection lawsuit

·        To prevent your business from closing

·        Stopping a court or creditor from taking over your property

·        Getting a notice of wage garnishment

·        To stop the government or taxing authority from freezing any of your asset or your bank account

In the situation of an emergency, you should speak to a bankruptcy lawyer that has experience. Your situation can easily be accessed by a bankruptcy lawyer with the requisite knowledge of filing for a bankruptcy discharge.

You may want to understand the pros and cons of bankruptcy and you should first speak to a lawyer before filing for bankruptcy because of the following:

·        To confirm if bankruptcy can solve the problem you’re actively facing.

·        To determine if other options like debt management or debt settlement are more viable.

·        To check if the exemptions protect your asset.

·        To help you determine if you qualify for a Chapter 7 bankruptcy exemption or you should opt for Chapter 13 bankruptcy instead.

·        To elucidate on the consequences of filing a bankruptcy case right now

You can file for an emergency if, after careful consideration, you’ve decided that it’s best to file for a bankruptcy case.

1) What is an Emergency Bankruptcy Petition?

Bankruptcy lawyers often refer to filing an emergency bankruptcy petition as filing a “Skeleton” bankruptcy case. They used the word skeleton to describe the fact that you’ll only be filing the basics that are needed to begin the case so that you can get an automatic stay that’ll ward off creditors.

Most times, you’ll need numerous statements and schedules before you can file a full bankruptcy petition.

To file for a typical Chapter 13 or Chapter 7 Bankruptcy, you’ll need the following:

·        Certificate of Credit Counseling

·        Voluntary Bankruptcy Petition

·        Statement about your Social Security Numbers

·        A list of your creditors (Mailing Matrix)

·        Schedules A& B—a list of the debtor’s assets and properties

·        Schedules D, E & F—A list of the creditors; this includes the account numbers, amounts owed, and the address of the creditors

·        Schedule G—List of executor contracts

·        Schedule H—your list of co-debtors

·        Schedule I & J—list of your expenses and income

·        Summary of your liabilities and assets

·        Declaration about your Schedules

·        Statement of Intention (For Chapter 7 cases)

·        Chapter 13 Plan(For Chapter 13 Cases)

·        Statement of Means Test and Current Monthly Income

·        Statement of Financial Affairs

·        Evidence of income and copies of pay stubs

Depending on the local rules or the legislation in your jurisdiction, you may be required to bring other documents. Most jurisdictions require the following to get a case number:

·        Bankruptcy Filing fee

·        A list of creditors mailing matrix

·        Certificate of credit counseling

·        Statement about your social security number

·        Voluntary bankruptcy petition

It’s advisable that you verify the documents you need to file an emergency bankruptcy case by checking with the bankruptcy court itself. You must file the remaining documents within 14 days. The bankruptcy court will dismiss your bankruptcy case if you fail to file the remaining documents.

2) How to speed up a bankruptcy process with a Chapter 13 calculator

A Chapter 13 calculator will allow you to estimate your Chapter 13 plan payment to estimate whether that will be affordable.

The major thing you can do to speed up the process is to provide all documents required as soon as possible. The process will be faster if you respond promptly to the request of the bankruptcy lawyer. You’ll experience massive delays if the bankruptcy lawyer always has to wait for you.

Depending on the laws in your locality, the bankruptcy lawyer may be able to get a list of your creditors from your credit report. Documents regarding your real estate and vehicles you’ve owned can also be gotten via the same means. However, you’ll still have to provide the attorney with many pieces of information

A checklist of the information and documents that you’ll have to give your lawyer fast if you want the process to be quick is:

·        A copy of your tax returns

·        A certificate of completion on your Credit Counseling Course

·        Copies of your bank statements and other financial documents that show your flow of income

·        Evidence of income and copies of six months of pay stubs

·        Titles to vehicles and copies of deeds to real estate

·        List of your assets and their value. You should also state if you’ve used those properties as collateral for a loan.

·        Proof of vehicle and real estate insurance

·        Pension, retirement, and investment account statements

·        Life insurance policies and their current cash values

·        Copies of collection letters, tax liens, wage garnishment orders, judgments, and lawsuits.

·        Child support orders and divorce decree

·        Copies of your social security card and your driver’s license

·        Other documents that are related to your property, debts, and income.

All bankruptcy courts in the United States of America use standard bankruptcy forms. However, all bankruptcy courts still have their peculiar requirement and local forms. If you’re working with a bankruptcy attorney that’s in your jurisdiction, it’ll give you an advantage because the attorney will be familiar with the bankruptcy trustees and the court requirement.

3) Do you need help finding a bankruptcy attorney in your vicinity?

If you need to file for bankruptcy ASAP, then you can do that without hiring an attorney. However, it’s best to still contact a lawyer for guidance about the process. You can get free bankruptcy consultations from most bankruptcy attorneys. As such, it won’t cost you much to get your needed bankruptcy advice.