Sand Jam

Being a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to recognize what bankruptcy can do for you. This post is a brief essay about the automatic stay in Bankruptcy. When declaring bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay forbids creditors from doing certain measures. For instance, once bankruptcy is filed a creditor can not due the following: Begin or continue a court action against you in any attempt to collect financial obligations 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 are behind on payments, filing a Chapter 7 bankruptcy can in the short term 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 property. Again, with a chapter 7 bankruptcy, this is temporary. A chapter 13 bankruptcy can afford you more protection if 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 belongs to the person declaring 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 stopped. After the debtor receives a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s residence. Therefore, with an automatic stay, a bankruptcy can allow you to get your economic affairs together, provide you relief from harassing calls from creditors, and cease the garnishing of your wages. But, keep in mind in the case of a chapter 7 bankruptcy these results are only temporary. Being a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to recognize what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.