A Las Vegas Bankruptcy Attorney Gives Tips on Filing For Bankruptcy
As a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be viewed as the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you need to recognize what bankruptcy can do for you. This post is a brief essay about the automatic stay in Bankruptcy. Upon filing bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay prohibits lenders from doing certain measures. For example, once bankruptcy is filed a creditor cannot due the following: Begin or continue a lawsuit towards you in any effort to collect financial obligations that you allegedly owe. Carry on with any collection calls. Once bankruptcy is filed a collection agency must cease and desist all attempts to collect any alleged debts. All repossessions must stop. Please be aware that if you are behind on payments, filing a Chapter 7 bankruptcy can temporarily stop the repossession of one’s car. But, the stay is just short-lived. The creditor’s can be able to reposess your car if they decide to file a request to lift the automatic stay. Filing bankruptcy can stop the foreclosure sale of your house. Once again, with a chapter 7 bankruptcy, this is temporary. A chapter 13 bankruptcy can afford you more protection if your goal is to stop a foreclosure sale. Filing bankruptcy can stop the garnishment of one’s wages. This automatic stay can last until the following: 1. At the request of a creditor, the judge may lift the automatic stay. 2. The item of property no longer is associated with the person filing for bankruptcy. 3. The debtor receives the discharge. This occurs during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly stopped. After the debtor receives a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s residence. Therefore, with an automatic stay, a bankruptcy can allow you to get your financial affairs together, provide you relief from bothering calls from creditors, and stop the garnishing of your wages. But, remember in the case of a chapter 7 bankruptcy these results are only short-term. As a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be viewed as the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you need to recognize what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.
Thursday, January 26th, 2012 at 2:03 pm and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.