In our last post, we talked about bankruptcy and the light at the end of the tunnel. Bankruptcy can help you find your way through a mountain of debt to financial stability. Your obligations can be manageable thanks to a Chapter 7 or Chapter 13 bankruptcy.

What if you can’t see that light, though? What if you are so deeply in debt that you can’t even imagine that there is a way out? What if you need help now, not a couple of months from now?

Bankruptcy is still an option, thanks to something called the “emergency bankruptcy petition.” You can file a bare-bones petition that will stop all of the collections actions against you for 14 days. In those two weeks, you can take a deep breath and get a clearer picture of your situation as you complete the full petition.

One of the most important advantages of filing for bankruptcy is the automatic stay. The court issues an injunction that bars creditors from harassing you for payment, from garnishing your wages, from foreclosing on your home — the automatic stay is a legal pause button that allows the court to consider your petition without putting you even further in debt.

An emergency petition puts that stay in place much more quickly. Depending on the circumstances, the stay could go into effect within hours of filing the emergency petition.

It’s important to remember that you have 14 days to file your complete petition. The court may be sympathetic to your situation, but it is not flexible about that deadline. Miss the deadline and you will lose the protection of the stay.

This is just one reason we urge you and others in Chicagoland to contact Lynch Law Offices, P.C. Yes, bankruptcy is a process, and there is paperwork. That does not mean you have to wait for relief. Together, the lawyers at our firm have more than 50 years of experience with the bankruptcy process, including emergency petitions. If you think that no one can help you get out from under that mountain of debt, please give us a call.