Sometimes you’re in a hurry to file a bankruptcy case. Whether it’s because you need to stop a foreclosure sale, repossession of a vehicle or a trial you expect to go badly. A barebones bankruptcy helps you get into bankruptcy court right away.
Usually when you file a bankruptcy case, you have a petition that just gives your name and your address and other names you’ve gone by over the last six years, a list of creditors, the amounts you owe, all of your property, a statement of your income and your expenses, a statement of your exemptions — we’ve talked about those — and then some other information regarding your financial condition: Salary for the last couple of years, whether you’ve paid creditors. These are things in a statement of financial affairs.
Preparing your schedules just always takes longer than we want it to. Most clients don’t have all of the information in one place that you need to file your bankruptcy case. You’ve got to gather it from all different sources. You’ve got to fill out forms or questionnaires, and these are just information that you don’t readily have.
When you’re trying to stop a trial, a garnishment or a foreclosure sale, sometimes you have to file a “barebones” bankruptcy case. Tune in to this video to find out more about it.