The Mojo Dogs

Being a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the US. So, before considering a 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 introduced. What an automatic stay discourages lenders from doing certain measures. For example, once bankruptcy is filed a creditor cannot due the foregoing: Begin or continue a court action towards you in any effort to collect the debts which you allegedly owe. Carry on with any collection calls. Once 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 temporarily stop the repossession of your car. But, the stay is only non permanent. 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 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 declaring bankruptcy. 3. The debtor receives the discharge. This happens during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is temporarily stopped. 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 bankruptcy can allow you to get your financial affairs together, provide 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 personal bankruptcies. Unfortunately, Vegas can be considered the Bankruptcy capital of the US. So, before considering a a Las Vegas Bankruptcy you need to recognize what a bankruptcy does. This post is a brief essay about the automatic stay in Bankruptcy.