Learn About The Benefits Of An Automatic Stay
If you are receiving dozens of angry letters from creditors and getting harassing phone calls demanding money at all hours of the day, the protection that the automatic stay affords may be the most effective way to get relief from creditor harassment. If you are considering bankruptcy, you should understand how the automatic stay operates and how it can benefit you.
When Does The Automatic Stay Take Effect?
What makes the automatic stay so great is that it is automatically imposed upon the filing of the bankruptcy petition. No court order is necessary because it goes into effect the moment your petition is filed.
What Does The Automatic Stay Do For Me?
The automatic stay helps you in many ways. Filing bankruptcy puts the automatic stay in place. This means as soon as your creditors are notified of the bankruptcy, they must cease all attempts to contact you or collect money from you.
The automatic stay protects you from:
- Creditor harassment and creditor lawsuits
- Bank account levies
- Having your utilities disconnected
- Wage garnishment
- Car repossession and repossession of other important assets
This buys you time to figure out what you want to do regarding these issues.
Is There Any Collection Action The Automatic Stay Cannot Stop?
Yes, unfortunately, there is. These issues may not be affected by the automatic stay, depending on your circumstances:
- Collection of child support or spousal support
- Tax proceedings
- Criminal proceedings
- Payments toward loans from a pension
We will tell you how the automatic stay will affect you and explain all of your options so you can make an informed decision and find the best solution for your unique situation.
We Can Help Stop Creditors In Their Tracks. Speak To An Attorney Today.
Contact us to schedule a free initial consultation with one of our lawyers. You can reach us by filling out our online form or by calling our office at 973-323-2953. We are qualified to represent Essex County and New Jersey individuals and families.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.