A Las Vegas Lawyer Gives Guidelines on Filing For Bankruptcy

Posted in by admin on January 27th, 2012

Being a Las Vegas Lawyer I’m versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Vegas can be considered the Bankruptcy capital of the US. So, before considering filing for 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 declaring bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay forbids creditors from doing certain measures. For example, once bankruptcy is filed a creditor cannot due the following: Commence or continue a lawsuit towards you in any attempt to collect the financial obligations which 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 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 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 one’s 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 belongs to the individual declaring personal bankruptcy. 3. The debtor receives the discharge. This occurs 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. So, with an automatic stay, a personal bankruptcy can allow you to get your economic affairs together, provide you relief from bothering 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. Being a Las Vegas Bankruptcy Lawyer I’m versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Vegas can be considered the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you should recognize what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.