A Las Vegas Attorney Gives Tips on Filing For Bankruptcy

As a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Vegas can be viewed as the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to know what bankruptcy can do for you. This post is a brief essay about the automatic stay in Bankruptcy. When filing bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay prohibits lenders from doing certain actions. For instance, once bankruptcy is filed a creditor cannot due the foregoing: Begin or continue a court action towards you in any effort to collect debts 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 note that if you are behind on payments, filing a Chapter 7 bankruptcy can temporarily stop the repossession of one’s 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. Declaring 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. Declaring 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 personal bankruptcy. 3. The debtor gets the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly stopped. After the debtor gets a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s property. Therefore, with an automatic stay, a personal 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. But, remember in the case of a chapter 7 bankruptcy these outcomes are only short-term. As a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Vegas can be viewed as the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to know what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.