Extreme debt can feel overwhelming, but can be made even more stressful when people are seeking to collect money from you. In these situations, bankruptcy might be the best option. And if you are facing collection of funds because of a lawsuit, or are faced with losing your car to repossession, or any other number of reasons, you might want to consider an emergency bankruptcy.
Reasons for an Emergency Bankruptcy
There are some reasons that you might choose to file an emergency bankruptcy. Mostly, this is done because a debtor does not have the time to fill out all the necessary paperwork, and includes the following:
- sale of a home through foreclosure
- car repossession
- wage garnishments, and
It should be noted that an emergency bankruptcy will still require a debtor to fill out all the necessary paperwork to fully, accurately, and honestly disclose all assets, debts, income, expense and various financial information. While a filing does initiate an immediate automatic stay, it also requires that all the remaining paperwork be filed within 14 days. If a debtor does not submit all the necessary forms within that 14 days they might face a dismissal of the bankruptcy.
Because bankruptcy law is very detailed and requires many steps, it’s always advised that you work with a bankruptcy attorney. They might advise that an emergency bankruptcy is not required, or they might suggest that a debtor files immediately. When you work with a bankruptcy attorney, they will review your debt and the debt you are facing and then be able to advise you on what steps you should take.
Working with a Bankruptcy Attorney
Bankruptcy can be an overwhelming process. That’s why we advise that you work with a phoenix chapter 7 bankruptcy lawyer that is familiar with various debt repayment options. We are committed to helping our clients understand their rights and options under the bankruptcy law and developing the debt relief solution that makes the most sense for each individual. We invite you to call (602) 648-3274 or contact our Arizona office to schedule a free initial consultation.
668 N. 44th St., Ste 320, Phoenix, AZ 85008