When an individual files a chapter 7, 11 or 13 bankruptcy, collection efforts stop under an automatic stay. Any collection activity against the debtor and the debtor's bankruptcy estate is off limits as the process moves forward. The bankruptcy estate is comprised of interests of the debtor including, but certainly not limited to, tangible property such as a home, car and cash, or in cases where a bankruptcy filer owns a business, may also include inventory, accounts receivable, unpaid … [Read more...]
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Bankruptcy’s Automatic Stay Keeps Creditors at Bay
If you are facing an eminent home foreclosure or fear your car will be repossessed any day, it is possible to stop creditors from acting by filing an emergency petition. Filing an emergency petition will result in a federal court order called an 'order for relief/automatic stay' which can protect you from certain actions by your creditors. The emergency petition requires less initial documentation to expedite the process, but you will need to submit a complete filing within a specified time … [Read more...]
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