There are times in many people’s lives when financial emergencies come suddenly. Whether it happens because of a failed investment, a major business loss, stock market crashes, or other unexpected life events, financial difficulties can arise in a matter of minutes. When issues like this loom over your income and assets, filing for bankruptcy may be your best option. When you file for bankruptcy, however, the process can take up to several months to reach the point where you have submitted all of the necessary documentation to your attorney. In cases where you need the protection of the bankruptcy code sooner rather than later, Behm Law Group, Ltd. can help you file for bankruptcy on an emergency basis in Luverne, MN.
The most important immediate result of filing for such a bankruptcy filing is getting the automatic stay fast. The automatic stay of 11 U.S.C. Sec. 362 is actually a court-mandated injunction that blocks the collection activities of most of one’s creditors. If you have filed for bankruptcy relief, it’s almost certain that the automatic stay was in effect and prevented your creditors from collecting or contacting you during your bankruptcy proceeding.
Steps in Filing for Emergency Bankruptcy:
- Collect the required documents needed to file for emergency bankruptcy. The attorneys at Behm Law Group, Ltd. will help you throughout this process
- To get the automatic stay as quickly as possible, you must file a Voluntary Petition (Form 1), a statement of your SSN (Form 21), and Mailing Matrix information denoting the addresses of your creditors
- Once your initial forms have been processed and the automatic stay is in effect, you must complete the filing of the remaining required bankruptcy forms within 14 days of the filing date. This period can be extended upon request by your attorney.
Filing an emergency bankruptcy petition is a way for individuals and businesses to access the bankruptcy system immediately and get some “breathing space” and time to gather all other necessary paperwork without ongoing creditor harassment. The process of emergency bankruptcy does not eliminate any of the other necessary standard forms needed to complete your petition, but instead rearranges the order in which you complete the majority of those forms. By completing Forms 1 and 21 along with a mailing matrix listing your creditors, attorneys, debt collectors, or any other agencies seeking payment, the automatic stay will be immediately in place.
Getting an automatic stay quickly when you’re in serious financial trouble is the best benefit of an emergency bankruptcy filing. This rearrangement for the process of filing for bankruptcy in Luverne, MN, allows a quick automatic stay to prevent continued financial struggles throughout your bankruptcy process. For more information about how an emergency bankruptcy can benefit you, contact Behm Law Group, Ltd. at (507) 387-7200.