Get Immediate Relief From Debt Collection Pressure
The most obvious and immediate benefit of bankruptcy under any chapter is the fact that it stops all collections efforts against you. Known as the automatic stay, this feature of bankruptcy goes to work for you as of the moment you file your bankruptcy petition.
At Affordable Bankruptcy, we can usually get you some of the benefits of the automatic stay even sooner. We can notify your key creditors while we're preparing your petition and schedules and let them know that you'll soon be in bankruptcy. Most creditors will leave you alone from that point on; once your case is filed, of course, your creditors will have no choice but to respect the automatic stay.
Call 866-793-6347 to put a stop to foreclosure, garnishment or repossession
To learn how you can benefit from immediate relief from debt pressure, contact a knowledgeable attorney at Affordable Bankruptcy in St. Louis. We help individuals, families and small businesses throughout eastern Missouri learn about their rights under the Bankruptcy Code, think through the decision to file for bankruptcy, and get the greatest benefit possible from bankruptcy at every stage of the case.
The benefits of the automatic stay are often the decisive factor in filing for bankruptcy. Once your case is filed, federal law prohibits your creditors from any of the following activities:
- Mortgage foreclosure
- Repossession of cars or other motor vehicles
- Commencement or continuation of a lawsuit against you
- Garnishment of wages
- Attachment of bank accounts
- Collection of a judgment
- Contact with you by phone, letter or e-mail to collect a debt
The automatic stay covers collection efforts by credit card companies, mortgage lenders and even the IRS. It does not cover child support or alimony payments, and a few other obligations. Secured creditors have the option of seeking relief from the automatic stay in which the bankruptcy court gives permission to commence or resume an action to recover collateral that secures a valid claim.
If you've been in Chapter 13 recently and need to file a new bankruptcy case, the protection of the automatic stay is somewhat limited. We can explain the scope of your protection under your specific circumstances.
Our lawyers go to work right away with your most important secured creditors to protect you from the likelihood that a mortgage lender will want to foreclose on your home or an auto lender will want to repossess your car. We'll also advise you about the situations when it works to your advantage to surrender property to meet a creditor's claims on terms that benefit you.
The automatic stay is an essential feature of bankruptcy's ability to provide a fresh start for people facing terrible debt collection pressure. To learn how the automatic stay can work for you, contact a lawyer at Affordable Bankruptcy in St. Louis.
