A Las Vegas Attorney Gives Guidelines on Filing For Bankruptcy
As a Las Vegas Lawyer I’m versed in working with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be considered the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to know 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 discourages creditors from doing certain actions. For example, once bankruptcy is filed a creditor cannot due the following: Commence or continue a court action against you in any attempt to collect the debts 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’re behind on payments, filing a Chapter 7 bankruptcy can in the short term 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. Declaring bankruptcy can stop the foreclosure sale of your property. Once again, with a chapter 7 personal bankruptcy, this is temporary. A chapter 13 bankruptcy can afford you more protection if your goal is to stop a foreclosure sale. Declaring 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 belongs to the person filing for personal 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 property. Therefore, with an automatic stay, a personal bankruptcy can allow you to get your economic affairs together, provide you relief from harassing calls from creditors, and cease the garnishing of your wages. But, keep in mind in the case of a chapter 7 bankruptcy these outcomes are only short-term. As a Las Vegas Bankruptcy Lawyer I’m versed in working with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be considered the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to know what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.