A Las Vegas Bankruptcy Attorney Gives Tips on Filing For Bankruptcy

As a Las Vegas Lawyer I am versed in working with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be viewed as the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you should recognize what bankruptcy can do for you. This post is a brief essay about the automatic stay in Bankruptcy. When declaring bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay discourages lenders from doing certain measures. For example, once bankruptcy is filed a creditor can not due the foregoing: Commence or continue a lawsuit towards you in any attempt to collect the debts that you presumably owe. Continue 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’re behind on payments, filing a Chapter 7 bankruptcy can in the short term stop the repossession of your car. But, the stay is only short-term. 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 is to stop a foreclosure sale. Filing bankruptcy can stop the garnishment of your wages. This automatic stay can 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 is associated with the individual filing for 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 halted. After the debtor gets a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s residence. So, 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 cease the garnishing of your wages. But, remember in the case of a chapter 7 bankruptcy these results are only temporary. As a Las Vegas Bankruptcy Lawyer I am versed in working with both Chapter 7 and Chapter 13 bankruptcies. Unfortunately, Vegas can be viewed as the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you should recognize what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.