What is an Emergency Bankruptcy Filing and can You Benefit From it?

Bankruptcy Lawyer Bryan W. Stone answers the question: “What are the pros and cons of bankruptcy?”


An emergency bankruptcy filing is not very different from what it sounds like. If you need to file for bankruptcy ASAP for whatever reason, an emergency bankruptcy filing might be the right choice.

People often opt for the expedited process of bankruptcy filing ahead of some catastrophic event such as an eviction, foreclosure, the repossession of a vehicle, or when facing the risk of a lawsuit.


emergency-exit-Charlotte-Monroe-Mooresville-Bankruptcy-Attorney-300x225What is an Emergency Bankruptcy Filing?

When your Chapter 7 bankruptcy case is opened, you are expected to have a full filing that includes preparing the required paperwork and taking a credit counseling course.

An emergency bankruptcy filing, on the other hand, is a streamlined process that you can use when you urgently need to stop a creditor from collecting on your debts. An emergency filing can expedite the process to trigger the automatic stay before you have all the necessary documents prepared.

Note: The automatic stay prevents creditors from continuing or resuming any action against you, including harassment from creditors.


What Do You Need to File an Emergency Bankruptcy?

Typically, you need the documents known as a “skeleton” or “bare-bones” bankruptcy filing to file an emergency bankruptcy:

  • The petition that would include all basic identifying information and specify what chapter of bankruptcy you intend to file under.
  • The names and addresses of all the creditors to whom you own money.
  • Your social security number.
  • A certificate proving that you completed your credit counseling course (however, there are exceptions to this requirement).

The documents that you will be required to file and forms that you will be required to fill out when filing an emergency bankruptcy in North Carolina will depend on the county in which you are presenting your case.

You are also required to pay the filing fee when submitting your emergency bankruptcy filing. For Chapter 7 bankruptcy, you can pay in installments or upfront. However, if you are filing under Chapter 13 bankruptcy, you will have to pay the entire amount.

After your emergency bankruptcy filing, you will have to provide the court with the remaining forms.


Who Can Benefit from Filing an Emergency Bankruptcy?

There are various situations in which an emergency bankruptcy filing can feel like a godsend. However, to determine whether you can benefit from filing an emergency bankruptcy, it is advised to consult a Charlotte bankruptcy attorney.

Generally, debtors can benefit from filing an emergency bankruptcy if they are facing:

  • A foreclosure. If you have fallen behind on mortgage payments and defaulted on your loan, an emergency bankruptcy filing can help prevent a foreclosure.
  • Eviction. An emergency bankruptcy filing can also stop an eviction temporarily, helping you buy some time or allowing to repay the debt over the course of a repayment plan.
  • Vehicle repossession. A bankruptcy filing can also prevent your car from being repossessed because the automatic stay prohibits the lender from repossessing your vehicle.
  • Creditor lawsuits. If a creditor you owe money to is threatening to sue you or has gained a judgment against you, consider an emergency bankruptcy filing to prevent the creditor from garnishing your wages or placing liens on your real estate.

Let our Charlotte bankruptcy attorney at Arnold & Smith, PLLC, determine whether an emergency filing is the most optimal choice for your particular circumstances. Call at 704-370-2828 to get your consultation scheduled or find additional resources here.





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