When a person files for bankruptcy, they usually receive immediate protection from creditors through a special court order known as the bankruptcy automatic stay.
This means creditors must stop collection efforts.
The automatic stay in bankruptcy was designed to:
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The U.S. Bankruptcy Code protects all bankruptcy filers by force of the automatic stay provision. With very limited exceptions, this federal court order prohibits all collection activity after filing bankruptcy.
The automatic stay is designed to stop any lawsuit filed against you and almost any other action against you, your property and your paycheck. Any creditor who tries to illegally collect on a debt can be fined by the court and forced to give back any property or money taken.
The automatic stay is a court order that usually takes effect right after filing for bankruptcy. This stay was designed to STOP:
If you have serious debt, you may need serious protection from your creditors.
Bankruptcy can provide protection from creditors. Once you file bankruptcy, creditors are legally prevented from contacting you about the debts included in your filings. Better yet, when debt is eliminated through a bankruptcy filing, creditors can never come back and demand payment on that debt.
In fact, creditors could face legal action if they try to collect on debts after your file bankruptcy.
This kind of protection from creditors can be a big relief when you've been battling with bill collectors.
Collection agencies are notorious for using threatening and harassing tactics, and even breaking the law. In the past, collection agencies have threatened people with violence, deportation and lawsuits - even when doing so is illegal.
This is one reason why so many people turn to bankruptcy for protection. They need safety and a shield against this type of treatment.
No one deserves to be threatened and harassed.
The automatic stay is invoked when filing both Chapter 13 and Chapter 7 bankruptcy.
In the case of Chapter 13 bankruptcy, the automatic stay provision may stay in effect for a duration of of your case, generally 3 to 5 years, or until it is lifted by the court, while you repay your debts through the bankruptcy court at a rate based on what you can afford.
In Chapter 7 bankruptcy, the stay typically lasts a few month while your case works through the court, and creditors are prohibited from contacting you once the debts are discharged at the end of the case.
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