A Las Vegas Bankruptcy Attorney Gives Tips on Filing For Bankruptcy

Being a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Regrettably, Las vegas can be considered the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you should know what bankruptcy can do for you. This post is a brief essay on the automatic stay in Bankruptcy. When filing bankruptcy, as a debtor, an automatic stay is enacted. What an automatic stay forbids lenders from doing certain measures. For example, once bankruptcy is filed a creditor can not due the following: Begin or continue a lawsuit against you in any attempt to collect the financial obligations that you allegedly owe. Continue with any collection calls. Once bankruptcy is filed a collection agency must cease and desist all attempts to collect any supposed 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 only temporary. 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 property. Once again, with a chapter 7 bankruptcy, it is temporary. A chapter 13 bankruptcy can afford you more protection if your goal is 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 a creditor, the judge may lift the automatic stay. 2. The item of property no longer is associated with the person declaring bankruptcy. 3. The debtor gets the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily halted. 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 bankruptcy can allow you to get your economic affairs together, supply you relief from harassing 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. Being a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 bankruptcies. Regrettably, Las vegas can be considered the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you should know what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.