BANKRUPTCY PETITION– WHAT ARE YOU SIGNING?
The paperwork that you are about to sign consists of the Petition, Schedules, Current Monthly Income, Statement of Financial Affairs, Declaration Concerning Schedules, Verification, Creditor Matrix, Form 22 which shows your Social Security Number and Form 342 which is the Trustee’s Notice to Debtor Regarding available chapters. If you are in a Chapter 13, there will be a plan filed and in a Chapter 7 a Statement of Intentions.
I am purposely not listing forms filed in a Chapter 11, 12 or 15 so do not think that this list includes paperwork filed in cases filed under those Bankruptcy Chapters.
All that is required to file a bankruptcy case is a petition and a list of creditors. The rules give you additional time to file the remaining paperwork. In a South Carolina bankruptcy, you have 14 days to file the remaining paperwork. If the Court agrees, you may be able to obtain up to an additional 14 days or less to file the required paperwork. If you miss these deadlines, then, your case will be dismissed.
It is your responsibility to make sure your paperwork is filed in a timely manner. Of course, your attorney is also responsible, but, who is really hurt if your case is dismissed.
When your case is filed, a Case Number is issued at once. If you do not have have a Case Number, you must consider yourself as not having filed your case.
When you file your case, the automatic stay goes into effect. There is nothing better for someone who has been called repeatedly, has received constant payment demands and been sued or been threatened with being sued to know that it all stops.
The AUTOMATIC STAY allows you to breathe easily for the first time in a long time. You can finally think about where you are and where you want to go. Now is the time to get ready for everything else you need to do.
What are you going to do now and for the rest of your life?