A Las Vegas Lawyer Gives Guidelines on Filing For Bankruptcy
Being a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you need to know what bankruptcy can do for you. This post is a brief essay on the automatic stay in Bankruptcy. When filing bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay prohibits creditors from doing certain actions. For example, once bankruptcy is filed a creditor cannot due the foregoing: Begin or continue a lawsuit towards you in any effort to collect financial obligations which you allegedly owe. Carry on with any collection calls. Once personal 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 temporary. 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 property. Again, with a chapter 7 personal bankruptcy, it is temporary. A chapter 13 bankruptcy can afford you more protection in case your goal is to stop a foreclosure sale. Filing bankruptcy can stop the garnishment of one’s wages. This automatic stay will 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 personal bankruptcy. 3. The debtor gets the discharge. This occurs during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily stopped. After the debtor gets a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s property. So, with an automatic stay, a personal bankruptcy can allow you to get your financial affairs together, supply you relief from bothering calls from creditors, and cease the garnishing of your salary. However, keep in mind in the case of a chapter 7 bankruptcy these outcomes are only temporary. Being a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you need to know what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.
Friday, January 27th, 2012 at 10:12 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.