A Las Vegas Bankruptcy Lawyer Gives Guidelines on Filing For Bankruptcy

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Being a Las Vegas Lawyer I’m versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be considered the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you need to 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 actions. 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 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’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 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. Again, with a chapter 7 bankruptcy, this is only 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 your wages. This automatic stay can 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 belongs to the person filing for bankruptcy. 3. The debtor receives the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly stopped. After the debtor receives a discharge a creditor is then free to purse repossession and foreclosure on the debtor’s property. So, with an automatic stay, a bankruptcy can allow you to get your financial affairs together, provide you relief from bothering calls from creditors, and cease the garnishing of your wages. But, keep in mind in the case of a chapter 7 bankruptcy these results are only short-term. Being a Las Vegas Bankruptcy Lawyer I’m versed in working with both Chapter 7 and Chapter 13 personal bankruptcies. Regrettably, Las vegas can be considered the Bankruptcy capital of the US. So, before considering filing for a Las Vegas Bankruptcy you need to recognize what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.