Changes in personal and professional situations might impact your capacity to maintain your former level of debt management success. When you've been able to pay your bills and handle your debt well, filing for bankruptcy can feel like a very last resort. However, bankruptcy may be your best and only option if your debt is too outstanding to ever be paid off, interest rates continue to accrue, and collection agencies are calling you multiple times a week.

Hiring an experienced bankruptcy lawyer is the initial step toward regaining control of your financial situation. Those considering bankruptcy should keep in mind that it’s merely a tool to address accumulating issues where other solutions are not viable; it’s not the ultimate stage in one's financial path.

What Is Emergency Bankruptcy?

An emergency bankruptcy filing is also known as barebones filing, incomplete filing, or skeleton bankruptcy. The Bankruptcy Code says an emergency bankruptcy petition must have the bare minimum of information needed to start the automatic stay.

The automatic stay occurs when a bankruptcy case is filed, even in urgent situations. The automatic stay mandates that all collection activities against you cease immediately. The automatic stay can go into force before you've finished filing for bankruptcy if you file an emergency petition.

With an emergency bankruptcy filing, you still have to submit the same paperwork as with any other bankruptcy case, but you can file before you've finished all the paperwork. You must submit all remaining forms within 14 days of the emergency filing. If you don't, your case will be thrown out, and your creditors can try to collect from you again.

How An Emergency Bankruptcy Lawyer Can Help

Having a lot of debt might make you feel like there’s a scary creature lurking in the night, ready to pounce at any moment. Feeling overwhelmed and confused when confronted with overwhelming debt is normal, as is seeking advice from anyone who’ll listen. Bankruptcy lawyers are only one of the many helpful options out there. Here are some ideas on what they can do:

1 - Lawyers Examine Every Possible Course Of Action

Determining if bankruptcy is necessary and, if so, which chapter of the United States Bankruptcy Code to file under can be challenging. There’s a significant distinction between the two sections where most people file their assets. In Chapter 7 bankruptcy, debtors must sell off assets to pay off creditors, but in Chapter 13 bankruptcy, debtors must create a repayment plan. Which plan is best for an individual depends on their present financial condition and their long-term ambitions.

You can better understand the options and protect your interests by talking to a lawyer who specializes in bankruptcy law. After looking at the type of debt, the client's income, assets, and goals, an emergency bankruptcy lawyer can advise on the best way to pay off the debt.

2 - Lawyers Can Assist In The Discharge Of All Permissible Debts

A bankruptcy lawyer can tell you which bankruptcy option is best for you and whether or not your debts can be wiped out. A lawyer can help you find and get rid of debts past the statute of limitations for collections, for instance. Debts are discharged when a person declares bankruptcy, so you no longer have to make payments on anything.

3 - Lawyers Can Give You Protection

A bankruptcy attorney will also advise you on effectively dealing with unsecured obligations like credit cards and payday loans. He’ll explain the possible consequences of your credit scores and offer suggestions for getting them back up as soon as possible. 

Your lawyer will also tell you how to keep your home from going into foreclosure or being taken away. If you’re going through a divorce, a lawyer can help you settle your debts, minimizing the negative effects on you, your children, and your estate.

4 - Lawyers Help You Plan A Financial Structure

Your lawyer will explain how to get debts discharged and how to deal with whatever is left after that. Along with helping you pay off your current obligations, he’ll also educate you on how to avoid financial difficulties in the future by emphasizing the value of setting financial goals, establishing a budget, and rearranging your spending habits.

The above are the primary ways an emergency bankruptcy lawyer can help. Don’t hesitate to ask if you have other related concerns.  

To Sum Up

Instead of adding to your stress by attempting to understand bankruptcy, just let an emergency bankruptcy lawyer handle it. Having a bankruptcy attorney handle the stressful and time-consuming process is a great relief. Working with an experienced bankruptcy lawyer can give you peace of mind that your case is being handled correctly and that you won't make any more mistakes that could worsen your financial situation. At every step of the journey, an emergency bankruptcy lawyer will calm you and assure you that you’re not a bad person just because you must file for bankruptcy. Filing for bankruptcy isn’t the simple solution to a financial issue, but it can be beneficial if you know what you're doing. Given the foregoing, it's easy to see why hiring an emergency bankruptcy lawyer is beneficial.