Emergency Bankruptcy Filing
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Emergency Bankruptcy Filing
If creditor action like a foreclosure, wage garnishment, repossession, or eviction is imminent, your debt problems can very quickly become serious. If you are facing action from a creditor and need immediate protection, an emergency bankruptcy filing can be the solution. Filing for bankruptcy gives you an automatic stay against creditor action to stop or prevent foreclosure, repossession, wage garnishment, and more so you can prepare for debt relief.
Automatic Stay Protection
As soon as you file for bankruptcy, you will be protected by a legal injunction called the automatic stay that prevents creditors from starting or continuing most forms of collection and legal actions against you, including foreclosure, eviction, repossession, and wage garnishment. This automatic stay takes effect as soon as you file and it will remain in effect until your case is discharged, dismissed without a discharge, or a creditor successfully petitions the court to lift the injunction.
It’s important to note that sometimes the court clerk does not notify creditors in time to stop imminent collection actions against you. It’s a good idea to immediately notify creditors of your bankruptcy filing to stop any actions.
What is an Emergency Bankruptcy Filing?
If you need to file bankruptcy quickly for court protection against creditors, the law allows you to file a bare-bones emergency petition and file the rest of your bankruptcy petition later. This may be the best option for you if you cannot wait and prepare your petition to prevent or stop:
- Wage garnishment
- Car repossession
The typical bankruptcy filing requires about 50 pages of documents listing debts, assets, income, expenses, and information about your financial history. This can take time to prepare. An emergency bankruptcy petition requires only:
- Form B-1, or the first three pages of your bankruptcy petition.
- Creditor Matrix listing the names and addresses of known creditors.
- Form B-21 or Statement of Social Security Number.
- Certificate of Credit Counseling. You may instead file a motion explaining exigent circumstances that prevented you from receiving credit counseling prior to filing.
If you are filing a Chapter 13 bankruptcy, you may be required to file a pay order to provide for estimated payments to the trustee.
You will also need to pay a filing fee at the time of filing your bankruptcy petition. If you cannot afford the fee, you will need to file an Application to Pay Filing Fee in Installments or Application to Waive Filing Fee.
What Happens Next?
After an emergency bankruptcy filing, you will start the clock on a number of deadlines and steps you must take. You will have 14 days to complete and file the rest of your bankruptcy forms to the court or file a request for more time.
Because bankruptcy law can be very complex and any missing information can trigger dismissal of your case without discharge — and remove the automatic stay protection — it’s important to contact an experienced bankruptcy attorney in Las Vegas to help you. A bankruptcy attorney can assist with your emergency filing or help you gather and file the remaining documents to help you receive debt relief from the court.
Contact Las Vegas Bankruptcy Lawyers for a free consultation to learn more about emergency bankruptcy protection and whether you qualify for Chapter 7 or Chapter 13 bankruptcy in Nevada.