A Las Vegas Attorney Gives Guidelines on Filing For Bankruptcy
A Las Vegas Attorney Gives Guidelines on Filing For Bankruptcy
As a Las Vegas Lawyer I am versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, 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 on the automatic stay in Bankruptcy.
Upon filing 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 can not due the foregoing:
Commence or continue a court action against you in any effort to collect debts which you allegedly 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 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 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. 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.
Declaring bankruptcy can stop the garnishment of one’s wages.
This automatic stay will 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 receives the discharge. This occurs 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.
So, with an automatic stay, a bankruptcy can allow you to get your financial affairs together, provide you relief from harassing calls from creditors, and stop the garnishing of your wages. However, keep in mind in the case of a chapter 7 bankruptcy these results are only temporary.
As a Las Vegas Bankruptcy Lawyer I am versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, 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 on the automatic stay in Bankruptcy.