Pivovarek Sezemice

Being a Las Vegas Lawyer I am versed in working with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be considered 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 about the automatic stay in Bankruptcy. Upon filing bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay discourages lenders from doing certain actions. For example, once bankruptcy is filed a creditor cannot due the foregoing: Begin or continue a court action towards you in any attempt to collect the financial obligations 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 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 your car. But, the stay is only short-lived. 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 property. Once 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. Filing bankruptcy can stop the garnishment of your 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 individual filing for bankruptcy. 3. The debtor gets the discharge. This occurs during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly stopped. After the debtor gets a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s property. So, 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. However, keep in mind in the case of a chapter 7 bankruptcy these results are only temporary. Being a Las Vegas Bankruptcy Lawyer I am versed in working with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Las vegas can be considered 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 about the automatic stay in Bankruptcy.