To assure you receive an 'automatic stay', which is granted to you by operation of law, you must file for your bankruptcy under Chapter 7, and meet with all legal requirements and fees. Only then, will you be able to stop overall collection actions on your properties. No creditors can initiate or continue lawsuits, wage garnishments or request payments by phone, providing the stay is valid.
Be warned that not all actions listed under 11 U.S.C. 362(b) are stayed when filing for the petition, and others may only be effective for brief periods.
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Once you have filed for bankruptcy, a notice will be sent out to all creditors by the bankruptcy clerk, provided you present a list of names and addresses. Twenty to forty days following your filed petition, a meeting known as the 343 meeting will be organized by the case trustee, to re-unite all your creditors.
Your are obliged to be present at this meeting for you will be answering any questions your creditors may wish to ask, concerning your financial affairs and property. Within 10 days from this meeting, the case trustee will report to the court with its decision of whether there was or not any abuse on your part, following the means test as stated in 11 U.S.C. 704(b).
A case trustee plays a major role in bankruptcy cases. He is responsible for the liquidation or all non-exempt assets, and must secure the highest possible refund to your creditors. All non-exempt property will be sold and the trustee can also reclaim property or money.
The trustee's 'avoiding powers' also include the authority to:
• Invalidate any pre-petition transfers of property and security interests that were not duly presented under the non-bankruptcy law when the petition was made.
• Keep all preferential transfers handed over to creditors within 90 days from the petition.
• Pursue non-bankruptcy claims existing under state law, including bulk transfer remedies and fraudulent conveyance.
Once the discharge has been taken care of, and no further complaints are filed in objection to the discharge, the bankruptcy court will issue a discharge order 60 to 90 days following the meeting of creditors. This order will release you from personal liability for a large number of your debts, in this way your creditors will not be able to take collection actions against you.
What you should be aiming at by filing under Chapter 7, is to obtain a discharge of all your debts, this will stop your creditors from pursuing any further group actions. The best way to ensure success is to consult with a professional bankruptcy attorney, who will help you reach this final goal, thus giving you a chance to turn over a new leaf and no longer worry with bankruptcy issues.
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