You do, if you face a foreclosure sale, wage garnishment, or car repo. That’s because bankruptcy can stop those from happening.
Our Los Angeles bankruptcy law firm has the experience and capability to handle a Fast Los Angeles Bankruptcy Case Filing. You probably know that a bankruptcy case filing creates an automatic stay. The stay takes effect immediately upon filing. People often think they can wait until the last possible moment before they file. Often, people want to put off the bankruptcy filing. They are hoping they won’t need it.
Client’s often ask, what is the longest amount of time they can wait? The answer is, it all depends.
The typical reason you need a Fast Los Angeles Bankruptcy Case Filing is to stop a foreclosure sale. Often, the client wants to “buy time” to finish a short sale, a refi, or a loan mod. Whatever the reason, clients want to put off bankruptcy as long as they can. We understand that. You don’t want to incur the credit damage. Nor the time and expense of a bankruptcy filing until the last possible second. On the other hand, no lawyer wants undue responcibility. Lawyers need time to do the work. Lawyers do not want to represent you if you wait too long.
So, how long can you wait and still be safe?
The longer you wait, the less likely it is that you will find a lawyer to represent you. Here’s why that is. The lawyer needs time to draft the required legal papers. You need time to provide a lawyer with a small mountain of necessary information. You will also need time to complete a mandatory credit counseling class. Unless every single thing gets done in time, you will lose your property. A bankruptcy case is not like a soda pop machine. Yyou just don’t slide money into a machime and see your bankruptcy case come popping out. You might not appreciate how much work it really takes to do this. At least not until someone explains it to you.
I took a phone call a few days ago from a person facing a foreclosure sale. The sale was to be held in about 2 weeks. The person on the phone wanted to know what was the last possible moment she could wait until. I suggested that she come in and prepare the case immediately. But she was waiting for a relative who was trying to come up the money to bring her loan current. Again and again, she just wanted to know when is the last possible moment that she can retain me. Here’s what I finally said. I asked her to imagine that she had just jumped out of an airplane. I said, “How long would you wait before you open your parachute?” She said she would pull the rip cord immediately. Then why not do the same thing to save her house? I told her she was in a free fall hurtling towards a foreclosure sale of her home. But still, she wanted to wait longer about filing her bankruptcy. I told her she can come see me when she feels like it. But I would not guarantee that I’ll take her case. The more she waits, the less likely that I want to represent her.
How You Can Plan Ahead for a Fast Los Angeles Bankruptcy Case Filing.
- Get the credit counseling course completed. You can do the required course without obligating yourself to file bankruptcy.
- Find a lawyer. You can meet with Los Angeles bankruptcy attorneys in advance. Discuss the attorney fees. Line up the lawyer you want.
- Retain a lawyer. Be prepared to pay money. You should hire a lawyer to get the paperwork prepared, “just in case.”
- The attorney fees. Think of your fees as insurance. You hope you won’t ever need it. But that doesn’t stop you from buying insurance on your car, your life, and your home.
- Make a written agreement with your lawyer. You need an agreement that spells out the lawyer’s responcibilities and availability to represent you up to a reasonable date.
- Don’t even think about trying to represent yourself. Virtually all self represented foreclosure cases fail to succeed.
- The cheapest lawyer usually is a bad choice for handling your case.