Most people clearly have little sense of how long it takes to file bankruptcy.
Proof is what happened Monday: there’s an email the morning’s inbox from a client whom I first met weeks ago.
He tells me they want to file before Wednesday’s mediation in state court!
I have no creditor information, representation agreement, money, or credit counseling certificate.
Just as inconvenient, I’m not sure I have staff who can drop everything (related to clients who planned ahead and played by our rules) to make this happen.
Clearly I’m not communicating to clients what is involved in getting even a skeleton petition on file.
Why it takes so long to file
Lots of clients seem to think that I may be able to file the petition without any involvement on their part beyond providing the decision to file and money.
Wrong.
The bankruptcy paperwork is filed with both the client’s signature and my signature We are both attesting to the accuracy of the information and the debtor’s eligibility for bankruptcy relief.
What your signature means on bankruptcy schedules
The full filing requires even more information: budgets looking forward and backward; recent financial history; intentions with respect to secured debts.
All of it is doable, just not with a snap of the fingers.
If bankruptcy relief and the protection of the automatic stay is important, plan ahead. Engage with bankruptcy counsel well before the last minute.
More
How to interview a bankruptcy lawyer
Image courtesy of Jonathan Bliss and Flickr.
