Rick Levine

As a Las Vegas Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be viewed as the Bankruptcy capital of the United states. 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 on the automatic stay in Bankruptcy. When declaring bankruptcy, as a debtor, an automatic stay is introduced. What an automatic stay prohibits creditors from doing certain actions. For instance, once bankruptcy is filed a creditor cannot due the following: Begin or continue a lawsuit against you in any effort to collect the financial obligations which you allegedly owe. Carry on with any collection calls. Once personal bankruptcy is filed a collection agency must cease and desist all attempts to collect any supposed 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 just temporary. The creditor’s can be able to reposess your car if they decide to file a request to lift the automatic stay. Filing bankruptcy can stop the foreclosure sale of your house. Again, with a chapter 7 personal bankruptcy, this is temporary. A chapter 13 bankruptcy can afford you more protection if your goal is to stop a foreclosure sale. Filing bankruptcy can stop the garnishment of your wages. This automatic stay will last until the following: 1. At the request of the creditor, the judge may lift the automatic stay. 2. The item of property no longer belongs to the individual filing for personal bankruptcy. 3. The debtor gets the discharge. This occurs during when a chapter 7 bankruptcy is filed and a foreclosure and /or repossession is briefly stopped. 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 personal bankruptcy can allow you to get your economic affairs together, provide you relief from harassing calls from creditors, and stop the garnishing of your salary. But, remember in the case of a chapter 7 bankruptcy these results are only temporary. As a Las Vegas Bankruptcy Lawyer I’m versed in dealing with both Chapter 7 and Chapter 13 personal bankruptcies. Unfortunately, Vegas can be viewed as the Bankruptcy capital of the United states. So, before considering filing for a Las Vegas Bankruptcy you need to recognize what a bankruptcy does. This post is a brief essay on the automatic stay in Bankruptcy.