A Las Vegas Bankruptcy Attorney Gives Guidelines on Filing For Bankruptcy

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As a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Vegas can be considered the Bankruptcy capital of the US. 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 declaring bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay discourages creditors from doing certain measures. For instance, 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 presumably owe. Carry on 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’re behind on payments, filing a Chapter 7 bankruptcy can in the short term stop the repossession of your car. But, the stay is just non permanent. 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. Once again, with a chapter 7 bankruptcy, it 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 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 belongs to the person 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 property. So, with an automatic stay, a bankruptcy can allow you to get your financial affairs together, supply you relief from harassing calls from creditors, and cease the garnishing of your salary. However, keep in mind in the case of a chapter 7 bankruptcy these results are only temporary. As a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Vegas can be considered the Bankruptcy capital of the US. 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.