Cary Emergency Bankruptcy Lawyer
What is Emergency Bankruptcy?
If you find yourself confronting a financial emergency such as eviction or the loss of your home through foreclosure, one option may be to file an emergency bankruptcy petition to protect your assets from creditors. When you file a voluntary petition to open a bankruptcy case, the federal court issues an automatic stay to stop most debt collection actions against you. An emergency bankruptcy petition can be a quick way to forestall foreclosure, repossession of your car, garnishment of your wages, eviction and lawsuits by creditors.
At Sasser Law, our three North Carolina board-certified bankruptcy attorneys have more than 20 years of experience helping financially stressed individuals and business owners respond to financial emergencies. An emergency bankruptcy petition is not appropriate in every situation and should only be pursued after consulting with an experienced NC bankruptcy lawyer. At Sasser Law, our attorneys will be both understanding and straightforward about the steps you need to take. We seek solutions that are in the best interests of our client. An emergency bankruptcy petition is a legal tool designed to give honest people who are drowning in debt protection from creditors so that they can regain stability. If you have questions about an emergency bankruptcy filing, we are available to help. We will review your case for free. You will not have to pay any upfront fees if we handle your bankruptcy filing. We offer straightforward advice and information about how we operate and the fees you can expect to pay.
Who Should Consider an Emergency Bankruptcy Claim?
Homeowners who are having trouble renegotiating the terms of a home mortgage and are threatened with immediate foreclosure within days may file an emergency bankruptcy petition to stop a foreclosure sale and prevent the loss of their home.
Workers who are having their wages garnished or who are threatened with having their wages attached may file an emergency bankruptcy petition to stop garnishment. A bankruptcy filing prevents most creditors from getting access to your income or taking debt collection action against you while the bankruptcy in pending. If your bankruptcy filing eventually leads to a discharge of the debt that was the basis of the wage garnishment, then the creditor cannot continue the wage garnishment at the conclusion of your bankruptcy.
On the other hand, if the debt that led to the garnishment is not forgiven in the bankruptcy process, then the creditor can continue to garnish your wages at the end of the bankruptcy. Such considerations are another good reason to have a bankruptcy attorney review your individual financial situation and provide guidance about the best steps for you to take to get back on your feet financially.
If you fell behind on your payments on your car or mobile home and your property is at risk of being repossessed or has been repossessed, you only have a limited amount of time to take action before the property will be sold. You may file an emergency bankruptcy petition to stop the lender that repossessed your car from selling it at auction. Once our law firm has a bankruptcy case number for your case, we can send the lender a copy of the filing and demand the return of your vehicle. As part of a Chapter 13 bankruptcy filing, you generally have an opportunity to revise the terms of a car loan to provide more time and often at a better interest rate. We can help you assess whether the car meets your present needs and is affordable.
A person who is about to be evicted or have their electricity or gas cut off because of unpaid utility bills may be a candidate for filing an emergency petition to prevent having your utilities turned off in the heat of summer or during freezing weather.
Two sections of the federal bankruptcy code, Chapter 7 and Chapter 13, are typically used for filing personal bankruptcy depending on the individual circumstances. An emergency petition may be filed under either chapter. Chapter 13, which requires the submission of a plan to repay debts within three to five years, is the most common type of bankruptcy protection sought in the Eastern District of North Carolina.
Our knowledgeable bankruptcy attorneys at Sasser Law will evaluate your situation and discuss what type of bankruptcy is appropriate for you.
Steps to Emergency Bankruptcy Filing in North Carolina
Filing an emergency bankruptcy petition involves multiple steps.
First, you will need to complete a court-approved pre-bankruptcy credit counseling class in most instances and obtain a certificate of completion dated at least one day before you file an emergency bankruptcy petition. The classes are available online and in person.
Filing an emergency bankruptcy petition involves filing certain basic forms to get a bankruptcy case number and trigger an automatic stay of debt collection efforts. The initial documents you will need to submit to the court include:
- Voluntary Petition—The three-page document contains your personal information and a summary of your financial situation, including the estimated amount of debt that you owe and the number of creditors.
- List of Creditors—You will compile a list of the names and address of all your creditors, lenders and other parties that need to be notified of the bankruptcy, as shown on recent credit card statements, student loans, tax collection notices, demand letters and other debt collection communications you’ve received.
- Form Exhibit D —You will need to complete the pre-bankruptcy counseling class and attach the certification of credit counseling to Form Exhibit D or inform the court why you are not required to attend the credit counseling class. The bankruptcy code provides exemptions to petition filers who are disabled, physically impaired to the extent that they are unable to take the class or located in a combat zone.
The rest of the bankruptcy petition along with supporting documents must be prepared and filed within 14 days of the emergency filing. It is crucial that a person filing an emergency petition is committed to completing the paperwork and continuing the bankruptcy case to a conclusion. Bankruptcy is a complicated undertaking and should not be entered into lightly. You should seek the help of an experienced bankruptcy attorney to avoid making a misstep that could result in a fine. If you do not intend to follow through and complete the bankruptcy process, the court may dismiss your case and you may not receive an automatic stay in the future.
You provide the court with a list of all of your creditors and their addresses. Our attorneys at Sasser Law will identify which support documents need to be submitted with your bankruptcy petition
The court will inform the creditor that you have filed a petition seeking protection from the bankruptcy court. Once notified, the creditor must suspend collection efforts and attempts to garnish your wages. Because of the late stage at which emergency petitions are often filed, collection actions may start before the court clerk has time to send letters to creditors, notifying them of your bankruptcy filing.
To expedite the process of halting collection efforts, you may send a letter with a copy of your bankruptcy filing to the creditor, informing them of your bankruptcy filing.
If you have recently filed bankruptcy and it was dismissed within one year of the current filing, the automatic stay will remain in place for only 30 days. Our bankruptcy attorneys can file a motion on your behalf asking the court to extend the stay. You will need to show that the latest filing was made in good faith.
How Sasser Law Can Help
Our experienced attorneys can guide you through the process of seeking emergency relief from the bankruptcy court.
We can discuss with you the emergency bankruptcy filing requirements and the information that you will need to provide.
We will review with you the emergency bankruptcy forms that we will need to submit to the bankruptcy court on your behalf as part of an emergency petition.
We will notify your creditors that may be in the process of filing collection actions that you have filed a bankruptcy petition.
We welcome complex bankruptcy cases.
Speak with a Cary Emergency Bankruptcy Attorney
Since the year 2000, the skilled bankruptcy attorneys at Sasser Law have filed more than 8,500 cases for clients in Raleigh, Cary, Durham and communities throughout the Triangle. Our emergency bankruptcy petition attorneys work with individuals and business owners in Wake, Harnett, Johnston, Durham, Orange, Granville, Vance, Franklin, Warren, Nash, Lee, Chatham and Moore counties. We understand that you are feeling stress if you are being pursued by debt collectors and are at risk of foreclosure. You need trusted legal guidance. Our attorneys pledge to be both compassionate and honest about what steps you need to take. We want to help you make a fresh start.
