Many people face dire financial circumstances in California. Emergency bankruptcy could offer a lifeline when a creditor is trying to collect on a debt right away.
Of course, emergency bankruptcy is appropriate in special circumstances only. The criteria for an emergency bankruptcy filing versus a standard filing vary primarily in terms of thoroughness, order and timing. Bankruptcy requires a lot of paperwork, so partial documentation is acceptable in emergency situations. The remaining documents must follow later.
1. Imminent home foreclosure
In Stockton, the median amount of monthly homeowner costs with a mortgage is $1,958. If you are at risk of losing your home due to foreclosure, emergency bankruptcy could halt the process. This gives you an opportunity to reorganize your finances and potentially keep your home.
2. Car repossession
An emergency bankruptcy filing may put a temporary stop to car repossession proceedings. This can be a huge help when you need your car for work. You can get the time explore alternatives to keep your vehicle.
3. Eviction
If you are facing eviction from your residence, filing for emergency bankruptcy could provide immediate relief. It could temporarily halt eviction proceedings and allow you to work on resolving your housing situation.
4. Bank account levy
A bank account levy can leave you without access to necessary funds. Emergency bankruptcy filing may prevent or halt such levies.
5. Wage garnishment
Wage garnishment can hurt your ability to meet basic needs. Emergency bankruptcy could give you some breathing room.
6. Professional licenses
Certain professions in California require licenses, which may be at risk due to financial or legal issues. Emergency bankruptcy filing might offer a chance to protect or reinstate these licenses, safeguarding your ability to work.
Exploring the option of emergency bankruptcy may provide you with relief and protection. Carefully consider your circumstances first.