Joel Audet

Being a Las Vegas Lawyer I am versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you need to recognize 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 introduced. What an automatic stay forbids lenders from doing certain measures. For instance, once bankruptcy is filed a creditor cannot due the foregoing: Commence or continue a lawsuit towards you in any attempt to collect the financial obligations which you presumably owe. Carry on with any collection calls. Once personal bankruptcy is filed a collection agency must cease and desist all attempts to collect any supposed 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 house. Again, with a chapter 7 personal bankruptcy, this 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 can 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 individual filing for personal bankruptcy. 3. The debtor receives the discharge. This occurs during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily 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 personal bankruptcy can allow you to get your financial affairs together, provide you relief from bothering calls from creditors, and cease the garnishing of your wages. However, keep in mind in the case of a chapter 7 bankruptcy these results are only short-term. Being a Las Vegas Bankruptcy Lawyer I am versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you need to recognize what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.