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Reading, PA Attorney for Emergency Bankruptcy Filings

If you feel as though you are drowning in debt, our attorneys can help you promptly file a bankruptcy petition to get relief in Reading.

When approaching your emergency bankruptcy case, take your time with the preparation stage. Courts need a significant amount of information at the start of bankruptcy cases, including a full list of the debtor’s creditors and an overview of their various debts. Leaving out crucial information could result in a rejection from the court. If you want to get out of bankruptcy fast, Chapter 7 could help you address your debts within several months. However, with Chapter 7 comes asset liquidation, which is why some debtors choose Chapter 13, even though it takes longer. Various situations suit filing for emergency bankruptcy. For example, those facing wage garnishment, mortgage foreclosure, eviction, or vehicle repossession could all benefit from bankruptcy in Reading.

Call Young, Marr, Mallis & Associates for a free case review from our Reading, PA attorneys for emergency bankruptcy filings at (215) 701-6519.

Preparing for an Emergency Bankruptcy Filing in Reading, PA

Even if you need fast relief from debt, take your time with your bankruptcy petition. Speeding through this process could result in mistakes that jeopardize your case in Reading.

Do not rush preparing your bankruptcy petition. If you do, you might leave out crucial details like creditor information. Even when debtors want to file quickly, it is important to intentionally and methodically collect and organize the information they need to start your bankruptcy cases. Otherwise, the court might reject a bankruptcy petition for being incomplete, and the debtor would have to start the process over again.

To prepare your case, our attorneys for emergency bankruptcy filings will need basic information about your various debts and general finances. We can then categorize your debt according to type and identify which bankruptcy chapter you should file based on your income and the size of your total debt.

If a creditor is threatening legal action against you or an asset is at risk of repossession, we can prepare your petition quickly so that you do not face such consequences. Provided you are eligible for it, an automatic stay will take effect as soon as our lawyers submit your bankruptcy filing to the court in Reading.

Liquidating Assets After Filing for Emergency Bankruptcy in Reading, PA

If you want to end your bankruptcy case within a few short months in Reading, liquidating some assets through a Chapter 7 bankruptcy filing might be the answer. Filing Chapter 13 can let you keep your assets, but it will take longer.

When we file Chapter 7 bankruptcy, we also identify assets for liquidation and assets we want to protect. Chapter 7 often suits emergency situations where debtors need immediate relief. After filing, some assets are liquidated to repay creditors what debtors owe.

Once non-dischargeable debts are paid, the court may discharge eligible debts. Because Chapter 7 works through liquidation, it is often much faster than Chapter 13 bankruptcy, taking about four to six months, on average.

There are risks associated with filing Chapter 7 in Reading, like losing assets you want to keep. Although Pennsylvania has liquidation exemptions of its own, it lets debtors use federal exemptions instead. With federal exemptions, we can protect more assets from liquidation should you file Chapter 7 to address your emergency financial situation.

If you do not want to liquidate any assets whatsoever and your income supports a repayment plan, you can file Chapter 13. While you can protect all assets this way, this bankruptcy chapter also takes longer than Chapter 7. Instead of being done in four to six months, your case might not end for three to five years. Our lawyers will discuss your goals for your bankruptcy claim and your desired timeline to help you choose the right chapter.

Situations that Suit Emergency Bankruptcy Filings in Reading, PA

Some debtors anticipate filing for bankruptcy; for others, falling into debt and needing relief is a shock. Regardless, various situations suit emergency bankruptcy filing in Reading, from mortgage foreclosure to vehicle repossession.

Wage Garnishment

Creditors might get court orders for wage garnishment in Reading. This typically happens when a debtor has fallen very far behind on payments, and the creditor no longer wants to negotiate an alternative agreement. If the court orders wage garnishment, your employer will withhold a percentage of your earnings. Wage garnishment will only happen after the court notifies you in Reading. If the court orders wage garnishment and you file for bankruptcy, your wages will not be garnished because of the automatic stay.

Mortgage Foreclosure

Banks can initiate foreclosure after a few missed payments from homeowners in Reading. If your lender threatens you with foreclosure, our lawyers may be able to negotiate a new mortgage agreement or repayment plan to avoid bankruptcy and foreclosure. However, if the bank refuses to negotiate and wants to proceed with foreclosure, we can file a petition for emergency bankruptcy on your behalf.

Eviction

Tenants might face similar issues if they fall behind on rent payments. Generally, filing for bankruptcy can stop the eviction process so that you can stay in your home as you repay your landlord and any other creditors involved in your bankruptcy case.

Vehicle Repossession

Loans to purchase cars are typically secured loans. This means that if you default on your loan in Reading, the lender could take your car, which is the collateral you used to secure the loan initially. Again, with the automatic stay that comes with bankruptcy, filing a petition can stop vehicle repossession so you can keep your car as you repay your lender and any other debts you might have in Reading.