How the bankruptcy automatic stay can provide relief
If you've been struggling to pay your credit card bills each month, you may be wondering if there's any way out of your financial mess. Only someone who has gone through this can understand how stressful the situation can be, and may seem like there is no way out.
Well, one legitimate option that you should consider if you simply can't pay all your bills is bankruptcy. The automatic stay provision in bankruptcy prevents creditors from trying to collect a debt after you have filed for bankruptcy.
As soon as you file for bankruptcy, the bankruptcy court implements the automatic stay which prevents companies from taking any action until your case has been heard by the bankruptcy judge or trustee. This is a powerful provision which can relieve a lot of stress for you and your family, and it can even prevent creditors from performing foreclosure or repossessions.
In fact, your creditors are not supposed to even contact you if you have initiated bankruptcy proceedings. If they do, they will have to answer to a Federal bankruptcy judge.
You should understand that the automatic stay is a temporary procedure that gives you some breathing room when dealing with bill collectors. However, you have to go through the entire process to see what the outcome of your bankruptcy case will be. At the very least, the automatic stay gives you some temporary relief while you and your bankruptcy lawyer make your case.
You may be wondering about the new bankruptcy law and whether it has become more difficult to declare bankruptcy. Well, it has become more difficult in the sense that you have to follow some additional procedures, but most people who end up filing will probably still be eligible.
Your bankruptcy lawyer can explain some of the specifics such as having to undergo credit counseling and attend financial management classes as a requirement for bankruptcy. When it's all said and done, bankruptcy is still an option for many people to consider in order to achieve a fresh financial start.
Bankruptcy remains a viable option for many people, and you should speak to a lawyer if you're considering this option. Firstly, however, you should continue reading more articles like this one to get as much information as possible before contacting your attorney.
Well, one legitimate option that you should consider if you simply can't pay all your bills is bankruptcy. The automatic stay provision in bankruptcy prevents creditors from trying to collect a debt after you have filed for bankruptcy.
As soon as you file for bankruptcy, the bankruptcy court implements the automatic stay which prevents companies from taking any action until your case has been heard by the bankruptcy judge or trustee. This is a powerful provision which can relieve a lot of stress for you and your family, and it can even prevent creditors from performing foreclosure or repossessions.
In fact, your creditors are not supposed to even contact you if you have initiated bankruptcy proceedings. If they do, they will have to answer to a Federal bankruptcy judge.
You should understand that the automatic stay is a temporary procedure that gives you some breathing room when dealing with bill collectors. However, you have to go through the entire process to see what the outcome of your bankruptcy case will be. At the very least, the automatic stay gives you some temporary relief while you and your bankruptcy lawyer make your case.
You may be wondering about the new bankruptcy law and whether it has become more difficult to declare bankruptcy. Well, it has become more difficult in the sense that you have to follow some additional procedures, but most people who end up filing will probably still be eligible.
Your bankruptcy lawyer can explain some of the specifics such as having to undergo credit counseling and attend financial management classes as a requirement for bankruptcy. When it's all said and done, bankruptcy is still an option for many people to consider in order to achieve a fresh financial start.
Bankruptcy remains a viable option for many people, and you should speak to a lawyer if you're considering this option. Firstly, however, you should continue reading more articles like this one to get as much information as possible before contacting your attorney.
About the Author:
Don't let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn more about is there life after bankruptcy visit us at http://personalbankruptcyquestions.org
posted by Debt Consolidation Loan at
2:20 AM
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