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Filing for bankruptcy is an extremely useful tool for those looking to gain relief from debt. For those facing extreme creditor actions such as foreclosure, repossession, or wage garnishment, emergency bankruptcy has the potential to provide quick debt alleviation and legal protection.
Defining Emergency Bankruptcy
Threats of foreclosure, wage garnishment, and repossession require immediate action to counteract. When someone files for emergency bankruptcy, and it is approved by the courts, an automatic stay is put into place. This makes any collection action, such as those mentioned above, illegal while the bankruptcy is in progress.
Bankruptcies require filling out and submitting multiple forms gathering extensive information to help the bankruptcy succeed. Typically, the filing process takes too long to provide for more urgent needs, however, emergency bankruptcy can help filers obtain fast debt relief to prevent a financial crisis.
When to File Emergency Bankruptcy
Emergency bankruptcies are best suited to situations requiring immediate action to prevent. This includes attempts from creditors to collect on certain debts like mortgages and auto loans. You may want to consider emergency bankruptcy if you are facing:
- The forced sale, or foreclosure, of your home.
- A tax levy or seizure by the IRS
- A lawsuit from creditors
- The closure of your business
- The threat of the government freezing your bank accounts
Where The Law Offices Of Mayer & Newton Can Assist You
There are a number of additional documents required to file for emergency bankruptcy that are not present during normal filings. The best way to ensure the process is as smooth and efficient as possible is to contact the experienced team at The Law Offices Of Mayer & Newton to gain the financial freedom you deserve.
Talk to our qualified team of lawyers today at to schedule your free consultation.