Written by Craig D. Robins, Esq.
In a real emergency situation, bankruptcy relief can be obtained within hours. Although it is certainly not wise waiting until the last minute, there have been numerous times that a client has contacted one of our Long Island bankruptcy law offices the day before a scheduled foreclosure sale.
Usually this happens when the client believes that the mortgage company will agree to postpone the foreclosure sale but the company does not do so.
Under emergency filing conditions, we can file what is known as a “bare-bones” or “skeletal” petition — one with just the minimal number of pages necessary to obtain bankruptcy relief. The remaining schedules can then be filed the following week.
However, the new bankruptcy laws that went into effect in 2005 have made emergency filings more difficult because of the additional obligations placed on both debtor and bankruptcy attorney.
Nevertheless, an emergency bankruptcy filing can usually be accomplished.