Emergency Bankruptcy Attorneys in Philadelphia
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What is an Emergency Bankruptcy?
A complete Bankruptcy Petition is generally between 60-85 pages, depending on the Chapter of Bankruptcy filing and the complexity of the Bankruptcy case itself.
Completing a Bankruptcy Petition involves collecting time-sensitive financial documents, including bank statements, statements of income, income tax returns, and reviewing the bankruptcy filer’s expenses and liabilities to best achieve their goals.
A complete bankruptcy petition generally takes 10-14 days to prepare, review, file and serve on creditors. Once the bankruptcy is filed under 11 U.S.C. Section 362, known as the automatic stay, no creditor may commence or continue any collection efforts against the filer(s). The automatic stay is arguably the most favorable law for borrowers.
It is common for our office to receive a call on a Monday, and there is a sheriff’s sale for the following day or even the next week. In such cases, there is not enough time to file a more typical Complete Bankruptcy, and an Emergency Bankruptcy, also known as a Skeletal Petition, is required.
Also, after the filing of an Emergency Bankruptcy, the filer now has the peace of mind that they are protected. An Emergency Bankruptcy will immediately stop the following collection activities, where there is not enough time to prepare a full and complete bankruptcy petition, and no other remedy exists:
- Mortgage Foreclosure
- Real Estate Tax Foreclosure
- Vehicle Repossession
- Collection Lawsuits
- Wage Garnishments
An Emergency Bankruptcy can be filed with as little as a Credit Counseling Certificate, Court filing fee, Form 101 also known as the Voluntary Petition, a Creditor Matrix, and Form 121 also known as the Statement of Social Security Number.
Once the Emergency Bankruptcy is filed, the case is assigned a Bankruptcy Number, Judge and Trustee as in the usual course. Also, the automatic stay is immediately imputed, thus stopping all collection efforts against the bankruptcy filer(s).
Where the Emergency Bankruptcy differs is that the court sets a time frame to file the remainder of the Bankruptcy forms and schedules, which is generally a two-week time frame from the date of filing.
There are situations where a filer may need more time to collect documents in further preparation of their bankruptcy forms and schedules. In these cases, our office will file a Motion to Extend the Deadline under Federal Rule of Bankruptcy Procedure 1007(c) and show cause in support of our Motion.
If you have a situation that requires your case to be handled on an emergency basis, it is important to choose a law firm with the experience to navigate all legal requirements and procedures in a most timely manner.
Sadek Bankruptcy Law Offices has a dedicated team of lawyers who help clients achieve the benefits of bankruptcy in Pennsylvania and New Jersey. Our lawyers have over 75 years of combined experience and have filed more than 5,000 successful bankruptcy cases.