A Las Vegas Bankruptcy Attorney Gives Guidelines on Filing For Bankruptcy
January 25th, 2012
Being a Las Vegas Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the United states. 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 declaring bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay forbids lenders from doing certain measures. For example, once bankruptcy is filed a creditor cannot due the foregoing: Begin or continue a lawsuit towards you in any attempt to collect financial obligations that you presumably 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 only non permanent. 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, it is only 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 the creditor, the judge may lift the automatic stay. 2. The item of property no longer is associated with the individual filing for 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 residence. So, with an automatic stay, a 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, remember in the case of a chapter 7 bankruptcy these outcomes are only short-term. Being a Las Vegas Bankruptcy Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the United states. 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.