Crushing Debt Podcast
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- Episode 190:Bare Bones Bankruptcy
This episode of the Crushing Debt Podcast is all about Bare Bones, or Skeleton Bankruptcy Petitions (I guess that's two spooky topics).
A normal bankruptcy petition is in the range of 50 pages, although the first 6 - 7 pages are all that's needed to file and start the case. That's what we mean by "bare bones," only the first 6 - 7 pages, followed up at a later date by the remaining supporting documents and schedules.
As a practice, Yesner Law tries to stay away from bare bones petitions because: (1) they take more time because we're filing documents multiple times instead of filing everything at the outset, (2) they're more expensive, because an additional fee is owed to the bankruptcy court to follow up and "add" creditors to the case, and (3) they are typically a sign that the client is unprepared.
A full bankruptcy petition typically consists of: (1) the Petition, (2) Schedules A - J & a Declaration as to those schedules, (3) Statement of Financial Affairs, (4) Statement of Social Security Number, (5) List of Creditors, (6) Means Test, (7) Statement of Intentions (for a Chapter 7 liquidation) or Plan (for a Chapter 13 reorganization).
Bare bones bankruptcy petitions can be more complicated when filed pro se (meaning by the debtor, unrepresented by an attorney).
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