Walter Mays

As a Las Vegas Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the United states. So, before considering a a Las Vegas Bankruptcy you should recognize what bankruptcy can do for you. This post is a brief essay on the automatic stay in Bankruptcy. When filing 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: Commence or continue a court action towards you in any attempt to collect debts which you allegedly owe. Continue with any collection calls. Once 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 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 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 property. Once again, with a chapter 7 bankruptcy, this is only temporary. A chapter 13 bankruptcy can afford you more protection in case your goal is to stop a foreclosure sale. Filing 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 individual declaring 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 bankruptcy can allow you to get your economic affairs together, supply you relief from harassing calls from creditors, and stop the garnishing of your salary. However, remember in the case of a chapter 7 bankruptcy these outcomes are only short-term. As a Las Vegas Bankruptcy Lawyer I am versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the United states. So, before considering a a Las Vegas Bankruptcy you should recognize what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.