Emergency Bankruptcy Filings: What are They and Can They Help?
Filing for bankruptcy can help you get out from under debt that is weighing you down. With bankruptcy, you can either free yourself of having to pay those debts, or you can get yourself on a repayment plan that actually fits your finances and allows you to take care of your needs.
But before you can file for bankruptcy, you have to meet many criteria. You have to put together a lot of paperwork, and you have to complete a credit counseling course, among other requirements. Even with a great Gilbert bankruptcy attorney on your side, the process can take longer than you would like.
An emergency bankruptcy filing may help you get the debt relief you need much faster.
Reasons for an Emergency Bankruptcy Filing
There are a lot of reasons why you might want to put together an emergency bankruptcy filing, rather than following the typical route. Here are some of the most common reasons that people opt for an emergency bankruptcy filing:
To avoid foreclosure. You might not have a lot of time until the bank is ready to foreclose on your home. An emergency bankruptcy filing may give you the time you need to put together a payment plan to save your home from foreclosure.
To avoid repossession. The same may be true for the repossession of your automobile. You may be on the verge of losing it because you have fallen behind on payments. An emergency bankruptcy filing may put a stop to that action and let you get caught up on your payments.
To stop eviction. You may not own your home, but you may be at risk of losing it because you have fallen behind on rent payments and are about to be evicted. Filing for bankruptcy can put a stop to that action, and an emergency filing can help you do that quickly.
To stop a creditor lawsuit. Filing for bankruptcy enacts an automatic stay, which puts an immediate stop to any creditor actions. If you know that creditors are about to take drastic action against you, such as a lawsuit, an emergency bankruptcy petition can preempt that quickly.
If you are facing another situation that you think needs fast action, talk to a bankruptcy lawyer serving Gilbert about whether an emergency bankruptcy filing might be the best choice.
What’s Required for an Emergency Bankruptcy Filing?
Typically, when you file for bankruptcy, you have to put together numerous forms and reports that itemize your finances, including your income, debts, and assets. You also have to complete a credit counseling course and provide evidence of having done so.
An emergency filing is more “bare bones.” It provides the essentials, so it is easier to put together, helping you to streamline the process. An emergency bankruptcy filing requires identifying information, the chapter of bankruptcy you want to file, the names and addresses of all creditors you owe, and a certificate showing completion of a credit counseling course. If you are in a big hurry to get the bankruptcy filed, you may be able to be exempted from having the credit counseling course completed at this stage. Talk to a Gilbert bankruptcy attorney to find out how to qualify for such an exemption.
You will provide the additional information to the bankruptcy court after that initial emergency filing. The emergency filing just allows you to speed up the process – not to avoid requirements of the bankruptcy process.
An emergency bankruptcy filing may not only help you get the debt relief you need, but may also help you address an emerging threat quickly. If you feel that you need to file a bankruptcy quickly, talk to a bankruptcy attorney in Gilbert about whether you qualify for an emergency filing.
Gilbert Bankruptcy Lawyers can help you prepare an emergency bankruptcy filing in Gilbert and the surrounding area. Even if you don’t want to file an emergency order, or you just don’t qualify, we can help you put together a traditional bankruptcy filing and see it through the court process as quickly as possible. Our goal is to help you get the maximum debt relief possible, as quickly as possible. We help both individuals and businesses. Call us in Gilbert today to schedule a consultation with an experienced Gilbert bankruptcy attorney.