A Las Vegas Lawyer Gives Guidelines on Filing For Bankruptcy
Being 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 US. So, before considering a a Las Vegas Bankruptcy you should 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 actions. For instance, once bankruptcy is filed a creditor can not due the foregoing: Begin or continue a court action against you in any effort to collect the debts 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 alleged 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 your car. But, the stay is just 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. Again, with a chapter 7 personal bankruptcy, it 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 your 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 declaring 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 property. 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, keep in mind in the case of a chapter 7 bankruptcy these outcomes are only temporary. Being 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 US. So, before considering a a Las Vegas Bankruptcy you should know what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.
