A Las Vegas Lawyer Gives Tips on Filing For Bankruptcy
As a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you should recognize what bankruptcy can do for you. This post is a brief essay on the automatic stay in Bankruptcy. When declaring bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay prohibits lenders from doing certain actions. For instance, 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. 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 note 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 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. Again, with a chapter 7 personal bankruptcy, it is only temporary. A chapter 13 bankruptcy can afford you more protection in case your goal is 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 a creditor, the judge may lift the automatic stay. 2. The item of property no longer belongs to 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 financial affairs together, provide you relief from harassing calls from creditors, and cease the garnishing of your wages. However, remember in the case of a chapter 7 bankruptcy these outcomes are only temporary. As a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you should recognize what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.
