STOP
- Foreclosure
- Repossession
- Garnishments
- Levies
- The IRS
You’ve probably seen the ads in your newspaper, in your local classifieds sheet, or in the phone book, and you’ve probably wondered if the ads are true. They are.
The automatic stay is a court order which stops your creditors from proceeding with collection of debt immediately upon the filing of your case. However, certain kinds of creditors may not be stopped permanently in all cases. For example, if you file a chapter 7 bankruptcy, a foreclosure will be stopped only temporarily unless you catch up on the mortgage arrearages (the amount you are behind) before your case is closed or before the mortgage company asks the bankruptcy court for permission to proceed with foreclosure. However, a chapter 13 bankruptcy can permanently stop your mortgage company from foreclosing as long as you comply with the plan filed with the court.
Bankruptcy can create miracles for you, but you should contact a practicing bankruptcy attorney who can tell you which options are best to stop your creditors.
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