The automatic stay is the best friend of a person who files bankruptcy.
Most people who consider bankruptcy are being hounded by bill collectors. The phone is ringing off the hook. Every day brings another collection letter. Paychecks are being garnished. The repo man is looking for their car. The mortgage company is foreclosing on their home.
It’s easy to understand how a person in this situation would be totally stressed out. If they’re married, more than likely the stress is affecting their marriage in a bad way. Financial problems are one of the leading causes of divorce in our society.
Most people considering bankruptcy have tried all other options available to them and they feel like they are at the end of their rope. They have no where else to turn for help.
If this describes how you’re feeling, then the bankruptcy automatic stay is ready, willing and able to come to your rescue.
The second your bankruptcy case is filed with the bankruptcy court, the automatic stay immediately takes effect to protect you from your creditors and bill collectors.
The automatic stay stops your creditors and bill collectors dead in their tracks. The automatic stay says that they must immediately stop all collection acitvity. They must stop calling you. They must stop sending you letters. They must stop all law suits against you. They must stop garnishing your paycheck. They must stop trying to repo your vehicle. And they must stop all foreclosure activity against your home.
If you are struggling with debt problems and being harrassed by bill collectors and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
{ 2 comments… read them below or add one }
Does your bankruptcy have to be paid in full in order for the automatic stay to go into effect? Wanting to file bankruptcy but it is hard when your paycheck is being garnished.
Christopher,
Except in rare circumstances, the automatic stay is effective immediately upon the filing of a bankruptcy case. However, in a Chapter 7 bankruptcy, I will not file the case until my attorney’s fee has been paid in full. In a Chapter 13, my attorney’s fee is split in two with part being paid up-front and part being put into the Chapter 13 plan.
Dan Nunley