How to I file an "intention" to file Bankruptcy?

I am not sure if I want to proceed w/a full bankruptcy, but would like to file an "intention" to hold off proceedings until I figure everything out. What form and where should I get it?

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Posted March 10th, 2010 in When To File Bankruptcy. Tagged: , , .

2 comments:

  1. Alfie:

    Steven is absolutely correct in his assertion that there is no such thing as filing an "intention" to file bankruptcy. You either file the case or you do not.

    If you are simply trying to hold off proceedings to fully examine your options, I assume the "proceedings" you are speaking of are either repossession or foreclosure.

    Your attorney can file your petition which will in fact afford you the benefit of the automatic stay and will prevent creditors from pursuing other actions against you. Your 341 Meeting of Creditors is usually scheduled about 50 days after you file your bankruptcy. If you do not fully intend to continue with the bankruptcy, your attorney can motion to dismiss the bankruptcy before the meeting of creditors or before any plan is confirmed in a Chapter 13 case.

    Do keep in mind that if you file bankruptcy and it is eventually dismissed, your creditors will come after you with a vengeance. If you have filed bankruptcy to avoid your home from being foreclosed on or your car from being repossessed, as soon as the bankruptcy dismisses your creditor will take whatever action is necessary to make sure they protect themselves fully before you are able to file bankruptcy again.

    Another ramification of having a dismissed bankruptcy is the damage that it does to your credit report. Your credit report will take a "hit" and your score will plummet drastically because you do in fact have a bankruptcy filing. It is not wise to have a dismissed bankruptcy reported because you are still punished for a period of seven to 10 years without the benefit of a discharge. The silver lining in this is that if you do in fact file again and receive a discharge, Fair Isaac (FICO) counts multiple bankruptcies as one bankruptcy.

    You have some important decisions to make over the next several days and weeks. You need to speak to a competent bankruptcy attorney as soon as possible.

    March 10th, 2010 at 10:42 am
  2. STEVEN F:

    Under US law, you have ZERO protection until you actually file bankruptcy. There is no such thing as filing an ‘intention’ to do anything.

    March 10th, 2010 at 10:42 am

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