As we have noted often on this blog, many debtors wait to the absolute last moment to file for bankruptcy. Many debtors who should have filed bankruptcy years ago find themselves facing garnished wages, seized bank accounts, repossessed cars and even home foreclosures. But even if a debtor waits until the very last minute to file bankruptcy, the bankruptcy laws allow the debtor to start a bankruptcy case by filing only the 3 page petition with a list of creditors (even if the list is incomplete).
This is a very quick process; we're talking a few days at the most. Once this 3 page petition is filed, it will stop aggressive collection action against a debtor immediately. The bankruptcy law allows the debtor to file the remaining forms and schedules within 15 days after filing the bankruptcy petition. In some cases the bankruptcy court may even extend the 15 day deadline if it deems it reasonable and necessary.
Do not try to file the bankruptcy petition yourself, because if it is done incorrectly your bankruptcy petition could be dismissed. Speak with a bankruptcy attorney immediately regarding an emergency bankruptcy filing to stop pending foreclosures , wage garnishments and other aggressive collection practices.