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A Las Vegas Lawyer Gives Tips on Filing For Bankruptcy

As a Las Vegas Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the United states. 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. Upon filing bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay forbids lenders from doing certain measures. For example, once bankruptcy is filed a creditor can not due the following: Commence or continue a lawsuit towards you in any attempt to collect the financial obligations that you allegedly owe. Carry on with any collection calls. Once personal bankruptcy is filed a collection agency must cease and desist all attempts to collect any alleged debts. All repossessions must stop. Please be aware that if you’re behind on payments, filing a Chapter 7 bankruptcy can temporarily stop the repossession of your 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. Filing bankruptcy can stop the foreclosure sale of your house. Again, with a chapter 7 personal bankruptcy, it is temporary. A chapter 13 bankruptcy can afford you more protection in case your goal would be 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 a creditor, the judge may lift the automatic stay. 2. The item of property no longer is associated with the individual filing for personal bankruptcy. 3. The debtor receives the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily halted. 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 personal bankruptcy can allow you to get your financial affairs together, supply you relief from bothering calls from creditors, and stop the garnishing of your salary. However, remember in the case of a chapter 7 bankruptcy these results are only short-term. As a Las Vegas Bankruptcy Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the United states. 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.