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 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. When declaring bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay discourages lenders from doing certain measures. For instance, once bankruptcy is filed a creditor cannot due the foregoing: Begin or continue a court action against you in any attempt to collect the debts which you presumably 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 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. Once again, with a chapter 7 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 is associated with the individual filing for bankruptcy. 3. The debtor gets the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily halted. After the debtor gets a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s property. Therefore, with an automatic stay, a bankruptcy can allow you to get your financial affairs together, provide you relief from bothering calls from creditors, and cease the garnishing of your salary. But, keep in mind in the case of a chapter 7 bankruptcy these outcomes 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 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.