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Jacksonville & St. Augustine Lawyers > Blog > Bankruptcy > How and Why to File for Emergency Bankruptcy

How and Why to File for Emergency Bankruptcy

If you are struggling to make ends meet and stay current on credit card payments, you should start considering filing for bankruptcy. A successful bankruptcy filing can discharge debts and alleviate financial pressures but it might take a while to complete due to the necessity of careful planning and a full evaluation of your assets. But what can you do if matters are getting out of hand and creditors are taking too much from you already, such as through wage garnishments on your weekly paychecks? When you’re faced with a monetary crisis, it might be time to file for an emergency bankruptcy.

How to File for Emergency Bankruptcy in Florida

The best way to stop creditors from collecting from you for outstanding debts is to get an automatic stay. Granted when a bankruptcy case is filed, not when it is ultimately approved, an automatic stay will prevent creditors from collecting your salary through wage garnishments, repossessing pieces of your property, freezing your bank accounts, or even contacting you for collections so long as the automatic stay exists. You can think of it like shutting off the water all at once until a plumber shows up to fix the leak.

An emergency bankruptcy is beneficial because it can create an automatic stay much faster than traditional forms of bankruptcy filing. It is initialized by making an automatic stay that notifies creditors that they need to keep themselves away from you and your assets for the time being. You will then have two weeks to complete your bankruptcy filing and will need to specifically ask the court to extend the automatic stay beyond the emergency 30-day time limit.

Steps to file an emergency bankruptcy include:

  1. Hire an attorney for professional guidance
  2. Fill out Form 1 – Voluntary Petition complete with Exhibit D
  3. List any and all parties who are currently attempting to collect on your debt
  4. Provide identifying information, including Social Security Number
  5. File originals to appropriate court and keep triplicates
  6. Collect additional forms and complete before 14 days

For assistance with filing for emergency bankruptcy, contact our Jacksonville and St. Augustine bankruptcy attorneys from Albaugh Law Firm. Our team has more than 70 years of collective legal experience that you can rely on when it comes to protecting your assets and best interests. Call 904-450-5313 for our Jacksonville office or 904-471-3434 to connect to our location in St. Augustine.

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