The holidays are upon us and finances can be tight this time of year. Perhaps you are behind a few months on the mortgage and still have the daunting task of buying presents on top of everything else. As the end of the year approaches, maybe you are facing the need to file bankruptcy fast. Perhaps you need to file an emergency bankruptcy. An emergency bankruptcy means filing the bare minimum of paperwork up front to commence the case and filing the remaining paperwork later.
Filing for bankruptcy triggers an automatic stay against all collection activity. The automatic stay goes into effect immediately when a bankruptcy case is filed and remains in effect until the end of the case, unless you have had one or more prior bankruptcy cases pending within the past year. In that situation, you must file a motion with the bankruptcy court seeking to extend or impose the stay. The automatic stay prevents creditors from taking collection actions against you, including but not limited to:
If your home, car, wages or bank account funds are currently at risk this holiday season, an emergency bankruptcy can stop all collection activities, thus saving your property. Depending on the specifics of your situation, you may benefit most from filing Chapter 7 bankruptcy, through which you can discharge most debts, or you may be better off filing Chapter 13 or Chapter 11, both of which allow you to restructure your debt. While Chapter 13 bankruptcy is only available to consumers, both individuals and businesses can file under Chapter 7 or Chapter 11.
A knowledgeable Sader Law Firm bankruptcy attorney can help you determine whether bankruptcy is the right choice for you, as well as whether an emergency petition is needed to protect your property. To learn more about your options, contact us today by calling 816-281-6349.