Personal and professional changes can impact your ability to maintain your previous level of debt management success. If you have been able pay your bills on time and manage your debt well, bankruptcy may seem like an option. If your debt is too large to pay off, the interest rates are still rising, and you receive calls from collection agencies several times per week, bankruptcy might be your only and best option.
An experienced bankruptcy lawyer can help you regain control over your finances. People considering bankruptcy need to remember that it is a tool for addressing accumulating problems where other options are not feasible. It is not the end of one’s financial journey.
What is Emergency Bankruptcy?
A filing for emergency bankruptcy is also called barebones, incomplete, or skeleton. According to the Bankruptcy Code, an emergency bankruptcy petition must contain the minimum information required to initiate the automatic stay.
An automatic stay is when a bankruptcy case has been filed. This applies even to urgent cases. All collection activities against you must stop immediately after the automatic stay is in effect. If you file an emergency petition, the automatic stay may be in effect before you have filed for bankruptcy.
You must still file the same paperwork for an emergency bankruptcy filing as in any other case. However, you can file even before you have completed all paperwork. All remaining forms must be submitted within 14 days of emergency filing. You will lose your case and creditors may try to collect again.
How an emergency bankruptcy lawyer can help
A lot of debt can make you feel like a terrifying creature lurking in your night, ready to attack at any moment. It’s normal to feel overwhelmed and confused when faced with overwhelming debt. There are many options available to help you, including bankruptcy lawyers. Here are some examples of what they can do.
1 – Lawyers Explore Every Option
It can be difficult to determine if bankruptcy is necessary. There is a big difference between the two sections, where most people file their assets. Chapter 7 bankruptcy requires debtors to sell assets in order to pay creditors. Chapter 13 bankruptcy requires debtors create a repayment plan. The best plan for an individual will depend on their financial situation and long-term goals.
Talking to a bankruptcy lawyer will help you better understand your options and protect all of your rights. An emergency bankruptcy lawyer will assess the client’s assets, income, and goals to determine the best way to repay the debt.
2 – A Lawyer Can Help With The Discharge Of Any Permissible Debt
A bankruptcy lawyer will be able to tell you what bankruptcy option is right for you, and whether your debts can or cannot be erased. An attorney can help you locate and eliminate debts that are beyond the statute of limitations for collection. When a person declares bankruptcy, all debts are exonerated. You no longer need to make any payments.
3 – Lawyers Can Give You Protection
An experienced bankruptcy attorney can also help you with managing unsecured debts like payday loans and credit cards. He will explain the potential consequences of your credit scores, and give suggestions to get them back up as quickly as possible.
A lawyer can also help you to prevent your home from being foreclosed on or taken away. A lawyer can help you resolve your debts and minimize the negative effects that they have on your family, children, and estate.
4 – Lawyers Help You Plan A Financial Structure
Your lawyer will help you understand how to pay off debts and what to do with the rest. He will help you to pay your debts and educate you about how to avoid future financial problems. This includes setting financial goals, budgeting, and restructuring your spending habits.
These are just a few of the main ways that an emergency bankruptcy lawyer can assist you. If you have any other questions, don’t be afraid to ask.
To Sum Up
Don’t stress about understanding bankruptcy. Instead, let an emergency bankruptcy attorney handle it. A bankruptcy lawyer can help you navigate the complicated and often time-consuming process. An experienced bankruptcy lawyer will give you the assurance that your case has been handled properly and that there are no mistakes that could lead to a worsening of your financial situation. An emergency bankruptcy lawyer can help you at every stage of the process and calmly remind you that you are not a bad person simply because you have to file for bankruptcy. Although bankruptcy filings are not the easiest way to solve a financial problem, they can be very beneficial if you have the right knowledge. It’s clear why an emergency bankruptcy lawyer can be beneficial, given the above.