If you have found yourself in a dire financial situation in Chicago, you may be wondering what steps you can take to resolve your debt-related issues and move on with your life. As you may know, filing for bankruptcy may be a viable solution.
Whether you are interested in filing under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code, there are a number of different benefits that you could be afforded when undergoing this process. Not only can filing for bankruptcy allow you to discharge or reorganize your debt, but it may give you time to get your finances under control and plan for the future.
Under certain circumstances, it may be necessary to expedite bankruptcy, which can be done through an emergency bankruptcy filing.
A debtor may choose to file an emergency bankruptcy for several different reasons, with the most popular one being that an "automatic stay" would be ordered by the court once the process has been initiated. If, for example, a debtor has been notified of an impending foreclosure, they may be interested in expediting the bankruptcy process. In effect, the automatic stay that is issued can prohibit all creditors from continuing their collection efforts.
Filing an emergency bankruptcy is different from a traditional bankruptcy in that the process is initiated a lot quicker. Normally, you would need to complete all of the necessary paperwork before submitting your petition to the court, but with an emergency filing, you would only need to complete the first three.
Once you have submitted this paperwork, the rest of the forms need to be completed within 14 days, with the inclusion of a comprehensive list of creditors to whom you owe money. Failing to follow up with the rest of the necessary paperwork could result in the dismissal of your petition, so it is imperative that you understand what type of timeline you may be working with.
In order to ensure that your emergency filing is handled correctly, it is highly recommended that you work with a Chicago bankruptcy lawyer from our firm. Attorney Joseph P. Doyle is extremely familiar with the Chicago bankruptcy laws in Illinois, so you can rest assured that you are kept informed throughout the entire process. To learn more about how he can assist you, you should not hesitate to take advantage of a free initial consultation with our firm.
When filing an emergency bankruptcy, it is highly recommended that you have an experienced Chicago bankruptcy lawyer by your side. Since this process is more complex than that of a traditional bankruptcy, there are several important factors that you may need to stay on top of. This does not necessarily mean that you are required to hire legal representation, but it does mean that it could help you to complete the process a lot more efficiently—which is ultimately the end goal. For this reason, our qualified legal team urges you to get in touch with the firm today.
Finding out if we can help won't cost you a dime when you call us at (312) 957-8077, so do not hesitate to take the first step today.