Emergency Bankruptcy Filing in Fort Collins
Turn to Levi A. Brooks, Attorney at Law in Your Time of Need
Typically, when filing for bankruptcy, you must complete background paperwork and fully and accurately disclose all assets, debts, income, expenses, and other financial information. Depending on how organized you are, this process can take some time.
Occasionally in emergency circumstances, there is not enough time to go through all these steps. In these cases, you can complete an emergency bankruptcy filing, also known as a “skeleton” or “barebones” filing.
If you need help with an emergency bankruptcy in Fort Collins, consult with me for free today. I understand the urgency in these situations and work swiftly to help my clients resolve their serious financial issues as painlessly as possible.
When to File an Emergency Bankruptcy
It is best practice to avoid filing an emergency bankruptcy unless absolutely necessary. Rushing a bankruptcy filing before all your financial information is completely in order means there is a higher possibility that information could be forgotten or misrepresented.
If you make a mistake, there could be penalties involved. It could result in your case being dismissed or your bankruptcy discharges being denied. You might be forced to wait to refile for bankruptcy if the court dismissed your case because you failed to report assets. More seriously, if the court finds that you intentionally lied on your bankruptcy filing, there could be criminal penalties.
That said, there are circumstances where you should consider filing for emergency bankruptcy. Bankruptcy creates a powerful shield to protect you from creditors. When you file for bankruptcy, an automatic stay goes into place. The automatic stay stops most creditors from pursuing collection (with exceptions).
You may want to consider filing an emergency bankruptcy if:
- Your house is being foreclosed on
- Your car is going to be repossessed
- Your wages are going to be garnished
- You are facing eviction
- You are facing a lawsuit
After the automatic stay is put in place, your lender will not be able to repossess your car, and your mortgage company will not be able to foreclose on your house. If the creditor intentionally violates the automatic stay, they will be in contempt of court, and they could be liable to you for damages and attorney fees.
What Do You Need to File an Emergency Bankruptcy in Fort Collins?
An emergency bankruptcy is meant to be able to be filed quickly. It skips much of the paperwork documenting your financial information.
When filing for an emergency bankruptcy, you must:
- File a 3-page voluntary petition. This document includes your personal information and a brief summary of your case, including debt and creditors.
- File a certification that you took the mandatory credit counseling class. You can complete the credit counseling class online. If you did not take the class, you must file a statement explaining why you did not take the course.
- File a statement of your Social Security number.
- File a list of creditors with mailing addresses. This list is needed so the court can notify your creditors of the filing.
- Pay the filing fee, which is $335.00 for a Chapter 7 bankruptcy.
After filing for emergency bankruptcy, you have 14 days to submit the rest of the documents usually needed. If you fail to file the remaining documents, the court could dismiss your case.
Consult with Levi A. Brooks, Attorney at Law
Before deciding whether to file an emergency bankruptcy in Fort Collins, you should talk to a trusted bankruptcy attorney. There are many benefits to having an attorney on your side throughout the process.
As your attorney, I can:
- Help you discover alternatives to filing for bankruptcy. It may be that filing for bankruptcy is not the best option.
- Discuss with you whether filing for Chapter 7 or Chapter 13 bankruptcy is best for your situation.
- Advise you of the tax consequences of filing for bankruptcy.
- Advise you on whether you should continue to pay creditors through the bankruptcy process.
- Explain the bankruptcy process and help you file the correct forms and follow the procedures. If you don’t follow the specific procedures, the court could dismiss your case.
Give me a call at (970) 293-8371 to discuss your situation during a free consultation.