How Does Bankruptcy Work?
By Bankruptcy Attorney on Apr 21, 2007 in Automatic Stay, Benefits of Bankruptcy, Colorado
Bankruptcy works by protecting you form your Creditors when you are no longer able to pay your debts. The most powerful function of a bankruptcy is called the “Automatic Stay.”
The Automatic Stay goes into effect the second your bankruptcy case is filed with the Court. The Automatic Stay is like a wall that goes straight up and blocks your Creditors.
This wall leaves Creditors behind you on the other side of the wall. They are unable to report more bad information on your credit report or collect a debt.
You are on the safe side of the wall from the creditors. You can leave them behind and move forward with your life getting the fresh financial start you need.
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