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How Quickly Can I File for Bankruptcy?

In an emergency situation (such as a pending repossession, wage garnishment or foreclosure) we can file your case immediately.  However, I try to avoid these emergency filings unless absolutely necessary.

Filing for bankruptcy has long-term consequences and bankruptcy may not be your best option.  I often tell my clients that bankruptcy is like a meat cleaver - it can solve a problem but the solution is not necessarily neat, clean or comfortable.

The Decision to File for Bankruptcy: Don’t Rush

Susan and I can do our best work for you when we have time to analyze your budget, review your debts and discover what you are trying to accomplish with your bankruptcy.  You should not be surprised if you change your mind once you learn more about the process.

Here is an example:  recently I met with a man who wanted to file bankruptcy to stop a foreclosure on his rental property.  His tenant had moved out and he had fallen behind on the $1,500 per month payment, resulting in a foreclosure.  His income came primarily from sales commissions and was not steady.  He was also waiting for a possible settlement following a car accident that happened a year ago.

When he came in to meet me, this gentleman stated that he wanted to “file bankruptcy to stop the foreclosure.”  I advised him that bankruptcy was probably not a good idea because:

• he did not have regular income to support a Chapter 13
• even if he had regular income, he did not have an extra $1,500 per month to pay to the rental property mortgage lender
• if he was to file a Chapter 7, the trustee would take control of his personal injury case and he would not see much cash when the case settled
• in this case there was very little likelihood that he would owe a deficiency judgment to the rental property mortgage lender

I advised him to sit tight and not worry too much about the rental property foreclosure.  If he received any demand for payment, he should let me know.  I suggested that he contact his PI lawyer to encourage a settlement as fast as possible.  And I advised him that in his situation a steady job with steady income was preferable in a bankruptcy context than his irregular commission situation.

Now, everyone’s situation is different but I give you this example to demonstrate how a thoughtful and thorough analysis of a debt situation allowed me to offer the appropriate advice.  If this gentleman had waited until the day before foreclosure and filed pro se or with a lawyer who did not have time to ask questions, he quite possibly would have spent a lot of time and money for no real benefit, and he could have put his assets and settlement at risk.

So, a better title for this page would have been “How Quickly Should I File for Bankruptcy.”

In the case of a true emergency, your bankruptcy case can be filed within a matter of hours.  Do not forget, however, that in most consumer cases you will need a credit counseling certificate before you can file.  Credit counseling certificates can be difficult to obtain on short notice, especially in days before foreclosure day (the first Tuesday of the month in Georgia).

My Bankruptcy Law Network colleague Chip Parker from Jacksonville recently published a helpful video that discusses the capabilities of lawyers to file cases quickly.

This website copyright 2010 by Ginsberg Law Offices, P.C.  All rights reserved. No reproduction of the original content on this site without express permission of the site owner.  Please direct inquiries to Jonathan Ginsberg, Ginsberg Law Offices, 1854 Independence Square, Atlanta, GA 30338.