The automatic stay is one of the most important weapons in the personal bankruptcy arsenal. It's designed to stop collection lawsuits, prevent home foreclosure, or silence obnoxious creditors.
However, the automatic stay does not last forever. It usually ends when a bankruptcy case is closed, or when a filer’s debts are discharged. The positive effects of the stay, though, may last forever.
The length of the stay may also change due to your state's laws. For more information on how bankruptcy protections could help your financial situation, fill out the form below to connect with a local attorney for a free consultation.
When determining how long the automatic stay lasts, factors that must be considered include the type of bankruptcy being filed, the nature of the debts, and the aggressiveness of the creditors.
Events that might lead to the end of an automatic stay include:
Thus, though there are some exceptions, most automatic stays end when the bankruptcy case is closed.
If you know how long your bankruptcy will last, you'll have a better idea of the exact duration of your automatic stay. The length of bankruptcy depends on the type of bankruptcy you file:
So, when considering how long the automatic stay will last in your case, you must consider the type of bankruptcy you are filing, as well.
To get more information about how long the automatic stay will last during your bankruptcy, connect with a local bankruptcy lawyer today. Simply fill out the quick case review form below to take action now.