Most of the time, people facing financial disaster should avoid rushing the process of filing for bankruptcy. After all, a bankruptcy that works in your best interests benefits from careful planning and preparation. Unfortunately, life does not always give those facing financial problems time to prepare.
What would you do if an emergency arose while you are planning and preparing for your bankruptcy? As you might expect, additional financial hardships can turn an already urgent situation into a true crisis. For example, say you or your spouse becomes sick with a serious illness. Dealing with the illness on top of your preparations for bankruptcy will likely worsen finances and put additional strain on your mental and emotional health.
One solution is filing an emergency bankruptcy, which can improve your financial situation, end your struggle for debt relief and allow you to focus on your health. As attorneys, we would not ordinarily recommend an emergency bankruptcy because we know the benefits of careful planning. However, we also know that situations exist in which an emergency filing is the best option.
An emergency filing is simply an expedited filing, meaning that you and your lawyer file the petition immediately. This can minimize the time it takes to complete a bankruptcy while immediately stopping creditors from taking your money or possessions.
While residents in Wisconsin should certainly know that emergency bankruptcy is an option, we also want to caution people against taking this route on a whim. When at all possible, careful planning and preparation under an attorney’s guidance is always the best plan. We invite you to visit our website if you want to learn more.