A Las Vegas Attorney Gives Guidelines on Filing For Bankruptcy
posted by admin inBeing a Las Vegas Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be viewed as the Bankruptcy capital of the US. So, before considering filing for 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. When filing bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay forbids creditors from doing certain measures. For instance, once bankruptcy is filed a creditor cannot due the following: Begin or continue a court action against you in any effort to collect debts which you presumably owe. Continue with any collection calls. Once 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’re behind on payments, filing a Chapter 7 bankruptcy can temporarily stop the repossession of one’s car. But, the stay is only 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 is 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 person declaring 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 bankruptcy can allow you to get your economic affairs together, supply you relief from harassing calls from creditors, and cease the garnishing of your salary. However, remember in the case of a chapter 7 bankruptcy these results are only temporary. Being a Las Vegas Bankruptcy Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be viewed as the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you need to know what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.
Your Foto