Are you sick and tired of the late night collection calls from angry abusive creditors? Are you dreading having to explain to your children why you are so stressed and upset when you get off the phone? Are you worried that your financial troubles will tear your family apart? Well you certainly are not alone. Millions of Americans are in this situation and are feeling the pressure. You can and should take action before it is too late and you lose everything. The answer is filing bankruptcy.
Did you know that when an individual files Chapter 7 Bankruptcy the automatic stay goes into effect immediately? This means that once the bankruptcy petition is filed with the bankruptcy court the power of the automatic stay is put into place prohibiting creditors from harassing you any further. The automatic stay is a court order that legally protects the debtor from any and all collection actions against them. It sounds too good to be true, but it is not. This is a big reason that many people decide to file bankruptcy. Having the protection of the automatic stay gives individuals some much needed breathing room so that they can take a step back and take inventory of their financial situation and figure out how to move forward. This is a huge advantage for stressed out debtors that are being relentlessly pursued by aggressive creditors that are trying to collect what they are owed at any cost. While the automatic stay is in effect the creditors cannot bring forth a lawsuit or judgment. They also cannot garnish your wages, drain your bank account, go after your car, shut off your utility service, or proceed with a foreclosure on your home. The automatic stay is indeed a powerful tool enforced by the United States Bankruptcy Court that halts all attempts to collect on debts while it is in effect. Basically it tells one's creditors to "stay away and leave me alone". If a creditor knowingly violates the automatic stay they can face steep fines and even jail time from the court.
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While your bankruptcy case is in progress your finances and property are in the hands of the bankruptcy court. This means that the court assumes legal control over any property that you own that is not exempt under the bankruptcy code. The good news is that the bankruptcy code allows for generous exemptions and most people don't lose any property in a Chapter 7 Bankruptcy due to the federal and state exemption laws. No property that is exempt can be taken or sold as they are the debtors to keep. However, if there is any property found to be non exempt the court can take the property to sell it and distribute the proceeds to the creditors. Nothing can or will be sold without the court's consent. The debtor will know what to expect going into a bankruptcy filing with the help of an experienced bankruptcy attorney. An attorney will also help them to protect as much property as possible while eliminating their debts.
The bottom line is filing bankruptcy and more specifically the automatic stay really puts the power back in the hands of the debtor. Filing bankruptcy may be the smartest decision to take control of your life and finances.
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