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 personal bankruptcies. Unfortunately, Vegas can be viewed as 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 prohibits lenders from doing certain actions. For example, once bankruptcy is filed a creditor can not due the following: Commence or continue a court action towards you in any effort to collect the debts which you allegedly owe. Continue 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 note that if you’re behind on payments, filing a Chapter 7 bankruptcy can temporarily stop the repossession of one’s car. But, the stay is only 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. Once again, with a chapter 7 bankruptcy, it is temporary. A chapter 13 bankruptcy can afford you more protection in case your goal would be 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 declaring bankruptcy. 3. The debtor receives the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly halted. 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 cease the garnishing of your wages. However, keep in mind in the case of a chapter 7 bankruptcy these results are only short-term. Being a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be viewed as 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.