Is Emergency Bankruptcy A Wise Move?

Under Illinois law, a debtor is allowed to file an “emergency” bankruptcy to block a foreclosure, a repossession, a wage garnishment, or a utility shut-off. An emergency bankruptcy is exactly that – a bandage to stop the bleeding – but for most debtors in Illinois, an emergency bankruptcy really is not the best option. Before you take any action regarding bankruptcy, speak with an experienced Chicago bankruptcy lawyer who may be able to suggest a better option. If, after a legal consultation, an emergency bankruptcy remains your only realistic alternative, an experienced Chicago bankruptcy lawyer can explain the procedure and successfully guide you through it.

If you need immediate protection from your creditors, the emergency bankruptcy provides an automatic stay that keeps creditors from foreclosing on your home, garnishing your wages, or seizing your bank accounts or any of your other assets. An emergency bankruptcy does not require you to complete all of the paperwork at once, but all documents must be submitted within 14 days of the initial filing. If you miss the 14-day deadline, the automatic stay against your creditors will be lifted, and your attempt to file bankruptcy will be rejected by the court.

It’s imperative for you to discuss these details with a knowledgeable bankruptcy lawyer before you take any irrevocable legal action. In many cases, a practical alternative to bankruptcy can be identified by your lawyer, and the two of you can begin immediately to act on that alternative. If you’re in or near the greater Chicago area, if you are unable to pay debts that are piling up too rapidly, and if you need immediate legal protection from your creditors, get sound bankruptcy advice from an experienced lawyer who routinely handles bankruptcies for a variety of clients, and arrange to speak as quickly as possible with a knowledgeable and trustworthy Chicago bankruptcy lawyer.