Protect Your Home from Foreclosure with an Emergency Bankruptcy Petition

Posted on August 9, 2021

Petition for BankruptcyThose that are struggling financially often worry that they will lose everything. Those late on their mortgage worry they may be faced with foreclosure and lose their home. There are other options that can save the home.

If you find yourself in this situation, and you live in the Greensboro, North Carolina, area. You should seek the professional opinion of a bankruptcy attorney Greensboro before you do anything.

How Do Foreclosure and Bankruptcy Work Together?

Some people worry that they will lose everything when seeing their financial situation become a losing struggle. But there is a relationship between foreclosure and bankruptcy.

Those that have received a notification from their mortgage lender that they are going to foreclose on their property, need to file an emergency bankruptcy petition. The petition can stop or delay the foreclosure, so you can begin a conversation with the lender on what you can do to save the property.

What is an Emergency Bankruptcy Petition?

An emergency bankruptcy petition is also known as a skeleton bankruptcy filing. It is a streamlined process that stops a creditor from collecting a debt. In this case, it would be to stop a mortgager from foreclosing on a home.

It is a quick way to avoid foreclosure. The paperwork required to file for a formal Chapter 7 or Chapter 13 bankruptcy is very detailed and often takes considerable time to complete the required documentation. Seeking an emergency bankruptcy will save the property immediately. All other documents must be filed within 14 days. If not, the emergency bankruptcy petition will become null and void.

There may also be other rules that need to be complied with. A dedicated Greensboro NC bankruptcy attorney can help you file the necessary paperwork and start bankruptcy proceedings as soon as possible.

Documents You Will Need to File for an Emergency Bankruptcy:

Your lawyer will let you know all possible options. Your bankruptcy lawyers in Greensboro NC will explain local laws and help to determine the type of bankruptcy that is best for your situation.

For individuals, the two most common bankruptcies are Chapter 7 and Chapter 13. After reviewing your financial history and current debts, the bankruptcy lawyers in Greensboro NC will guide you to the filing that will be the most beneficial to you financially.

There are other documents that you will need to provide. Each state has different laws. It is essential that get a local attorney that knows the legal requirements in North Carolina.

In Greensboro, you should visit the Law Office of Mercedes O. Chut. Mercedes is an expert at deciphering the law and helping you have a positive resolution.

To fill out an emergency petition, you will need to provide the following documents:

1.  Form 101. This is the first eight pages of any bankruptcy petition.

2. Your creditor matrix. The contact information for all of your creditors, including name and address.

3.  Form 121. This is your statement of a social security number.

Form 101 is pretty simple to complete. It is called a “Voluntary Petition” and includes basic information about you and your spouse. It will ask how many creditors you have, your total assets, and total debt. It will also ask about any other bankruptcies that you may have filed within the last eight years. It will also require that you attend credit counseling.

Get the Right Legal Firm on Your Side:

You need a highly qualified bankruptcy attorney Greensboro NC to help you get back on your feet after a financial disaster. The first step is filing an emergency bankruptcy petition and then completing the Chapter 7 or Chapter 13 paperwork.

The Law offices of Mercedes Chut are a great option. Mercedes has over 20 years of experience in family law, bankruptcy, appellate law, and civil litigations.

She will help walk you through the bankruptcy and make it as easy as possible. If you are looking for a bankruptcy attorney high point, and Greensboro areas, contact Mercedes. Her office phone number is 336-274-0352.

Make an appointment with a bankruptcy attorney in Greensboro NC that cares about your future and will help you today.