Should I File an Emergency Bankruptcy?

Posted on February 7, 2020 at 8:00am by
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Facing insurmountable debt can be overwhelming and exhausting. Many individuals who find themselves in this situation may opt for bankruptcy as a way to handle debt. However, there are many situations that make filing for bankruptcy a time-sensitive matter. An emergency bankruptcy filing is available for people who need to file fast.

Why File for an Emergency Bankruptcy?

People who face foreclosure, repossessions, an eviction or wage garnishments may want to file an emergency bankruptcy to stop those processes. An emergency bankruptcy will trigger an automatic stay, which puts a halt to creditors’ collection attempts.

In other words, the automatic stay will put a hold on any foreclosures, repossessions, evictions or wage garnishments. During the automatic stay, your creditors cannot legally contact you to pursue payments. This means creditors must stop harassing you while the automatic stay remains active, making an emergency bankruptcy a lifesaver for those in difficult situations.

Keep in mind that there are limitations on an emergency bankruptcy. The automatic stay does not halt every type of collection activity. Further, you should figure out your bankruptcy eligibility before filing the emergency option. 

Whether the emergency bankruptcy option is right for you depends on your goals and your personal situation. Our Kansas City bankruptcy lawyers can help you explore your options and may be able to represent you through the bankruptcy process. 

What Is an Emergency Bankruptcy Filing?

An emergency bankruptcy filing is also known as an emergency petition or a skeleton filing. It is known as a skeleton filing because it requires that you fill out only the bare bones necessary in terms of paperwork. Once paperwork is submitted and filed by your attorney with the Court, the automatic stay will activate immediately.

An emergency bankruptcy grants you the automatic stay while giving you extra time to complete all your paperwork. It is important to have an attorney on your side during this process. You only have 14 days to complete the remaining paperwork or your emergency bankruptcy may get dismissed. An attorney can make sure that this deadline is hit and your paperwork is submitted and filed.

Contact Our Kansas City Bankruptcy Lawyers for Help

An emergency bankruptcy can be helpful in sensitive situations. Many people find that it is a lifesaving tool during the bankruptcy process. An experienced bankruptcy lawyer can answer your questions and determine whether an emergency bankruptcy is right for you. 

If you are considering an emergency bankruptcy, you should speak with a Kansas City bankruptcy lawyer to discuss your legal options. For more information, contact The Sader Law Firm at (816) 281-6349 or leave us a message online.