I usually advise my clients that I'll need a week. There's a lot of info to incorporate into a bankruptcy petition and I like to line those ducks up in their row. I take extra time to get it right the first time and avoid repeat visits to the docket.

Sometimes you aren't afforded the luxury of orderly fowls. You might fear imminent repossession of property. The court and the trustee (and your lawyer) prefer economy. Your petition should be correct and complete on the first go. But if there's no choice enter the skeletal petition. I just love the sound of that, 'cause it's spooky and all.

Your car or home may be lost tomorrow. When you call your attorney and demand to file the same day, he may not have time to prepare a full petition. Yet, he can submit a skeletal or emergency petition. It's a bare-bones filing, but it still provides the immediate protection of the automatic stay. The stay is the court's order that creditors must stop repossessions and collections.

Attorneys file bankruptcy petitions electronically and the docket is open 24/7. Your 11:30 p.m., Monday petition will stop your 9 a.m., Tuesday trustee sale of your home.

The skeletal petition includes some basic personal info and the addresses of your creditors, which we can pull off of a credit report instantly. But, it must also include a credit counseling certificate. More about that in our next installment.