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The Automatic Stay is a provision of bankruptcy law that provides certain protections like no other debt relief options. The Automatic Stay is a court order that stops all collection actions. Foreclosure is a type of collection, and a bankruptcy filing is designed to stop it dead in its tracks, even if your mortgage lender has already started the process.
Foreclosure has become an epidemic in America. But even if you have deep debt from your home mortgage, credit cards, car loans and more, you still have options. Here, bankruptcy attorney Kevin Chern talks about how bankruptcy may be able to stop foreclosure.
KEVIN CHERN, BANKRUPTCY ATTORNEY: Can bankruptcy stop foreclosure? When you're faced with foreclosure it's a very scary situation, but fortunately the bankruptcy laws do provide many individuals with a great recourse to avoid foreclosure action.
When you file a bankruptcy case an automatic stay is put in place. That is to say there, is an injunction put in place that stops your creditors from proceeding with any legal action.
This includes stopping a creditor from proceeding with a foreclosure action. So the day your bankruptcy case is filed the foreclosure action stops. No judgment can happen, no sale of your house can occur. This protection also extends to other types of collection, including repossession, wage garnishment and creditor phone calls.
The best thing you can do you is speak with a bankruptcy attorney right away and assess exactly what your rights are under the bankruptcy laws. You can do so by filling out the form on the site, or call the toll free number and you'll be on the phone with a bankruptcy attorney in just a few moments.
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