Are you being called by creditors on a regular basis?
Is your mailbox overflowing with past due notices? Do you go about your day
trying to avoid being served with a collection lawsuit? If these are some of
the things that you have to face on a daily basis you might be wondering if
there is anything you can do to put a stop to the acts. The answer is yes, and
it includes filing for the protections offered by the bankruptcy laws. One of
the most beneficial aspects of filing a bankruptcy case is a legal mechanism
referred to as the automatic stay.
● All bankruptcy cases include a list of
your creditors, and each of these creditors is sent a notice that you have
filed a case.
● The filing of a bankruptcy case
automatically stops any collection or repossession efforts that are underway.
This means that your lenders can no longer call you or file a lawsuit to
collect money or to repossess your property.
● If you receive a call or letter after
you file bankruptcy you should advise the creditor you have filed and provide
the case number for their reference. This gives the lender an opportunity to
locate the filing information online prior to receiving the notice that you are
now in bankruptcy through the mail. If the creditor continues to call or
maintain a lawsuit, you have the ability to sue that particular lender within
your bankruptcy case.
Most people that file bankruptcy find that the
automatic stay is the part of their case that gives them instant relief. Think
about how nice it would be to stop dodging phone calls or trying to stay out of
the process server’s path so you are not served with legal papers. This is just
the type of protection the automatic stay offers. The purpose behind this
powerful legal theory is that when you file bankruptcy you are entitled to have
some time to gather yourself so you can work out financial arrangements that
fit your budget. Bankruptcy was designed to give the honest, but unfortunate
debtor, a fresh start with their finances. We can help you by reviewing the
facts of your case and letting you know what type of case to file and how that
case will help you reach your money goals.
For more information about
how the automatic stay will help you when you file bankruptcy, call us today or
reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to
meet at the office most convenient for you.
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