The best way to approach the bankruptcy process is in an organized and systematic manner. This is usually the case when the debtor has given himself plenty of time to meet with a bankruptcy practitioner and consider his options prior to filing. Because the debtor has given himself sufficient time to deal with the bankruptcy, the bankruptcy practitioner can request and review document, prepare and review schedules and meet with the client as many times as the practitioner deems necessary in order to guarantee a successful bankruptcy.
When a debtor waits too long to meet with a practitioner, the filing process becomes much more stressful. The practitioner may determine that an emergency bankruptcy filing is of benefit for the debtor. Emergency filings only include the personal information for the debtor, fee information and creditor information. Upon filing an emergency petition, the immediate stress factors that prompted the bankruptcy ceases to exist. Many debtors become disconnected from the process under the temporary relief the emergency filing provided them. They fail to effectively communicate with their counsel or provide the required documents necessary to complete the bankruptcy schedules. It is as if the “warm blanket of bankruptcy” has fallen upon them and they fall into bankruptcy slumber.
An emergency filing is an effective way to place the debtor in bankruptcy fairly quickly. Debtors need to understand that the process is far from over and although they experience relief after filing for bankruptcy, they must continue to diligently and effectively work with their counsel to complete the process. Not doing so could result in your bankruptcy being dismissed.