Facing a huge mountain of debt can be one of the most stressful experiences you'll ever have in your life. This can lead to many sleepless nights as you worry about how on earth you will come up with the money to get those bill collectors off your back. If you've decided to declare bankruptcy, there is a provision that can provide some relief. It is known as the bankruptcy automatic stay.
As soon as you file your bankruptcy petition with the court, the bankruptcy automatic stay prevents debt collectors from contacting you for any reason whatsoever. Wage garnishments are halted, along with foreclosures and repossessions.
San Jose Bankruptcy Lawyer, Corporate Bankruptcy Attorney, Bankruptcy Lawyer Houston,
Believe it or not, the creditors are not even allowed to contact you once you have filed for bankruptcy. If they do, they'll have to answer to the judge and will probably have to pay fines as a result. Now, you still have to go through the bankruptcy process, of course.
You still have to go through the process of declaring Chapter 7 (or Chapter 13, depending on your circumstances), but at least this provides you some temporary breathing space while you work things out with your attorney.
Obviously, this step should not be taken lightly because bankruptcy does have long-term effects. However, if you can't see yourself paying off your bills within the next three to five years while maintaining a reasonable standard of living, you should contact a bankruptcy attorney and at least consider your options carefully.
The automatic stay as temporary provision, and you still have to wait for your case to be resolved, but it can provide a much needed respite from your troubles. You may be wondering about the new bankruptcy law and whether it has become more difficult to declare bankruptcy. Well, it has become more difficult in the sense that you have to follow some additional procedures, but most people who end up filing will probably still be eligible
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Counseling
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment