Emergency Bankruptcy Filing

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Emergency Bankruptcy Filing

If you need an emergency bankruptcy filing, we can help. Most emergency bankruptcy filings are for the purpose of stopping a foreclosure in North Carolina. Provided you file your bankruptcy within 10 days after the official sale of the property, the emergency bankruptcy filing will halt the foreclosure due to the very powerful Automatic Stay in bankruptcy, governed by the Bankruptcy Code at 11 U.S.C. Sec. 362.

What Happens Next?

We don’t need much information to file an emergency bankruptcy filing; however, the clock starts ticking on our duty to provide the remaining information required to complete your bankruptcy. Typically, the list of documents we need is:

  1. Drivers License and Social Security Card.
  2. Most current statements for each the following: vehicles, home mortgage.
  3. SIX months of bank statement from ALL bank accounts.
  4. Full copies of tax returns (Federal and State) for 2016 and 2017– both should have already been filed. If you are filing a Chapter 13 you MUST have filed the last 4 years of tax returns prior to having your bankruptcy case filed.
  5. Registration cards for all vehicles owned.
  6. Six months of pay stubs (matching the info entered through the online questionnaire).
  7. Declaration pages for all life insurance policies. These must show the type of policy, the amount of the policy, the beneficiary and the current value.
  8. Balance statements on all retirement (401k, IRA, etc) accounts, showing they are in fact retirement accounts and therefore entitled to be excluded from bankruptcy.

Delivery Of Bankruptcy Documents

Our office will work with you to retrieve this documentation from you as easily as possible. We accept (and prefer) PDF or electronic copies. We also have an online portal where you can upload the documents.

Emergency Chapter 13 Bankruptcy Filings

Most of the time in order to stop a foreclosure, you’ll file a Chapter 13 bankruptcy. We’ve written extensively about Chapter 13 filings on our blog. A Chapter 13 gives you the chance to continue to make your normal mortgage payment, and use the 5 year period to ‘catch up’ on the amount you’re behind. There are also numerous other benefits to a Chapter 13, depending on the type of debt you have. They include:

Lower interest rate on vehicle loans (Can I Keep My Car In Bankrutpcy?)

Lowering the balance on vehicle loans to the Fair Market Value of the vehicle

Paying pennies on the dollar to unsecured creditors

Painless voiding or exiting of contracts you do not wish to continue

Paying off taxes to the IRS or Department of Revenue (Taxes In Bankruptcy)

How Much Will My Chapter 13 Payment Be? (Chapter 13 payment factors)

Your Chapter 13 payment will be a function of how far behind you are on your mortgage, together with your ability to pay. Your ability to pay is based on your budget. Don’t worry, we work with you to present a budget to the court. Before you file, you’ll know your estimated Chapter 13 payment and should feel comfortable that you’ll be able to make the payment.

Speak With A Charlotte Bankruptcy Attorney Today

If you’re facing a foreclosure or even a wage garnishment, an emergency bankruptcy filing may be a great choice for you. Call us at 704.749.7747 to speak with an attorney today, or click for a FREE CASE EVALUATION and we will reach out shortly.