When possible, declaring bankruptcy should be a carefully considered and planned-out endeavor, but unfortunately, that is not possible in every situation. If your financial circumstances are urgent, it could be better to skip the often-lengthy filing process of a typical bankruptcy and instead pursue an emergency bankruptcy.
Filing an emergency bankruptcy in Salt Lake City carries strict documentary requirements and deadlines. Even if you can provide all of the required information, you may have a short window of time in which legal counsel can help you. If you believe pursuing an emergency bankruptcy is in your best interest, you should contact a qualified bankruptcy lawyer right away.
An emergency bankruptcy filing is only appropriate when you need the immediate relief of the “Automatic Stay” to stop irreparable harm like home foreclosure, car repossession, or wage garnishment. People who need to file quickly always run the risk that there is not enough time for even a skilled lawyer to thoroughly investigate the ramifications of filing the bankruptcy. A significant amount of analysis and paperwork goes into the average bankruptcy, and people contemplating bankruptcy can often take strategic steps before filing, which minimize the “cost” of bankruptcy.
However, if someone is about to lose their car or home, or have their wages garnished, filing an emergency bankruptcy petition may be the ONLY solution. The automatic bankruptcy stay is a federal court order which immediately stops all collection activity, including repossession, foreclosure, and garnishment. This stay will typically last the bankruptcy’s duration, giving debtors more time to manage their financial issues.
While a typical bankruptcy filing is 50 pages or more, an emergency bankruptcy filing is just a few pages. An emergency Chapter 7 in Salt Lake City starts with the filing of a “skeleton petition,” which includes only a handful of information:
When the debtor files his case, he must also pay the associated filing fee or request an installment plan. The bankruptcy lawyer will need to inform creditors of the filing. The bankruptcy court usually takes about a week to notify creditors of a bankruptcy stay, which is too slow for emergency bankruptcies.
Once someone files an emergency bankruptcy petition, they will have less than two weeks to submit the remaining financial data, or the court will dismiss their case. Accordingly, a debtor must provide his lawyer all information about a week after he files the petition. All too often, debtors are so relieved they avoided the impending catastrophe that they fail to follow through with the rest of the filing process. The Blue Bee Bankruptcy Law staff works with our emergency filers to complete all the bankruptcy process steps before the deadline.
You should use an emergency bankruptcy in only extreme circumstances that demand instant relief. If you need to file bankruptcy right away, keep in mind that you must stay focused on your bankruptcy even after avoiding the immediate danger.
If you have a financial emergency in Salt Lake City, we can help you right away. You should call us right now, and our lawyers will speak with you as soon as possible.