The bankruptcy automatic stay is a court order that automatically goes into place when you file a bankruptcy. Once you file either a chapter 7 or chapter 13 bankruptcy, your creditors are prohibited from most collections actions against you. Creditors can no longer file or continue lawsuits against you, enforce a judgment against you, enforce a debt against your property, initiate or continue an action to obtain possession of your property, or create, perfect or enforce a lien against your property.
The bankruptcy automatic stay provides you with instant relief from the continuation of foreclosure proceedings on your home, the continuation of law suits such as suits filed by your creditors and stops repossession of your vehicle. This is a very powerful tool to help you eliminate debt through a chapter 7 discharge or allow you to reorganize your debts through a chapter 13 without fear of losing your assets during the process.
If you are facing foreclosure, have a lawsuit threatened or filed against and/or have more debt that you can pay, we would be happy to meet with you to discuss your particular situation, we would be happy to meet with you. The consultation is free. Call us at 214-974-3390 to set up your free consultation.