Dealing with your finances can get quite overwhelming. An accumulation of different issues, factors, and unfortunately debt can really create a great stress on you and your financial welfare. Sometimes when dealing with these issues, people can become buried in an insurmountable amount of debt. High interest rates and unforgiving creditors can speed up the process. This often happens all of the sudden and you may not even fully understand how it occurred in the first place. When the unfortunate surprise of a large mass of debt happens all of the sudden, it is definitely time to file for bankruptcy. If this situation calls for immediate action, some consider emergency or “two-page” bankruptcy.
Emergency bankruptcy is an abbreviated way of filing for Chapter 7 or Chapter 13 that speeds up the initial protections set in place. By protections it is meant that you should gain the standard guard from creditors who may pursue you. This includes automatic stay. This shortened version of filing for bankruptcy reduces the paperwork exponentially from approximately 50 pages to two. Needless to say, the process can relatively simple if you have some knowledge of where to at least begin, and is more importantly, much quicker at securing your financial safety. Filing for emergency bankruptcy essentially excludes certain information normally required to file. This includes all of your creditor’s information, a detailed personal budget/assets, and even details regarding estimated assets pricing and evaluations.
When done properly, emergency bankruptcy can be beneficial and the right move to keep you afloat. This however isn’t always the case. The most important thing to be aware of when filing for emergency bankruptcy is that it ISN’T the end of the process. This skeletal filing is only a way to protect yourself quickly, nothing else. You still have to file the rest of your bankruptcy statement, the only thing that is different from a normal filing is that this requirement is delayed by 15 to 30 days. Often times, incomplete and improper filing can lead to bigger headaches down the road for when it comes time to file the rest of your bankruptcy statement, many will be left with incomplete data, missing forms, and one quickly realizes how far from complete their filing is from being complete. To avoid scam lawyers and pseudo legal assistance that often accompanies emergency bankruptcy, consider a local San Antonio bankruptcy lawyer that can fully assist you through the process in the most proper speed and channels possible.
About the Author: Jeff Davis is the Owner of the Davis law firm and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.