Shormanka

Being a Las Vegas Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be considered the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you should 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 introduced. What an automatic stay forbids lenders from doing certain measures. For instance, once bankruptcy is filed a creditor cannot due the foregoing: Commence or continue a lawsuit towards you in any attempt to collect financial obligations that 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 supposed debts. All repossessions must stop. Please be aware that if you are 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 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 property. Again, with a chapter 7 personal bankruptcy, this is temporary. A chapter 13 bankruptcy can afford you more protection if your goal would be 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 receives the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily stopped. After the debtor receives a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s residence. So, 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 stop the garnishing of your salary. However, remember in the case of a chapter 7 bankruptcy these results are only short-term. Being a Las Vegas Bankruptcy Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be considered the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you should recognize what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.