A Brief Overview of Emergency Bankruptcy

If you need to stop an impending creditor action fast, you can file for chapter 7 or 13 bankruptcy. Doing this will trigger an order for automatic stay from the court, subsequently prohibiting creditors from collecting your assets (with certain exceptions). However, filing for bankruptcy is not a quick process and you could incur heavy losses by the time the order is given. This is where emergency bankruptcy comes into play.

How Emergency Bankruptcy Filings Work

Emergency bankruptcy filing is typically your last option if you are buried in debt and need to file for bankruptcy to avoid a lawsuit, eviction, foreclosure, or repossession. According to the United States Bankruptcy Code, an emergency bankruptcy petition allows for an automatic stay, which prevents banks and other lenders from seizing your property as collateral. Emergency bankruptcy filing is relatively easy and only requires presenting a few of the required documents. However, the remaining paperwork should be turned in within fourteen days.

Filing Emergency Bankruptcy Forms Online

There is a lot of paperwork involved in filing a regular bankruptcy petition, which may not be practical when you are facing repossession, foreclosure action, collection lawsuit, wage garnishment, or other similar time-sensitive issues. The benefit of emergency bankruptcy filing is that it can be easily done online. The online filing system can be easily accessed anytime. You will need to upload:

  • your creditor matrix
  • bankruptcy petition form
  • certificate of credit counseling, and
  • statement of social security number

Finalizing an Emergency Bankruptcy Filing

It is important to understand that your emergency bankruptcy petition will be dismissed if you fail to file the remaining documents. These requirements can be found on your court’s website. To file an emergency filing, you will need to:

  1. Check with the court’s website or the court clerk to verify the documents that are needed
  2. Submit a Voluntary Petition for Individuals Filing for Bankruptcy
  3. Fill in the details of all your creditors,  as well as all the collection agencies, attorneys, sheriffs, and other parties that are looking to collect debts from you
  4. Complete your statement of a social security number
  5. Submit any additional documents required by the court
  6. File the original documents and required copies with the clerk, along with your fee or application to waive the fee.

You should generally avoid filing bankruptcy in a rush if possible, as it is a complex process that involves filling out numerous forms. Filing the petition in a hurry makes you prone to mistakes that could invalidate your case. When this happens, your automatic stay becomes null and void, and you go back to the same position you were.

If you need an experienced lawyer for advice and further assistance on how to file for bankruptcy, you can consult the Law Office of Ray Garcia, P.A. anytime. We are available 24/7, every day of the week. Get in touch now.