The Automatic Stay in Bankruptcy

Once you file a bankruptcy petition, whether in a Chapter 7 or Chapter 13 case, the court will impose an automatic stay against the creditors listed in your case. This court action gives you protection against any further efforts on the part of your creditors to collect from you. These creditors will be prohibited by the court from contacting you in any way, by phone, through the mail, or through email in order to demand payment. This court protection begins as soon as you file your petition; you do not have to wait until your bankruptcy case is completed to gain this benefit, which relieves you from the stress and struggle of creditor harassment, wage garnishment, repossession, and even foreclosure.

In a foreclosure or repossession, your creditors will not be allowed to continue their collection efforts until you have completed the bankruptcy process. In many cases, this may give you enough breathing room to sort out your financial troubles in order to save your home or other assets. This is one of the great benefits of the automatic stay. Some debts, however, will not be subject to the automatic stay, such as those involving child support, student loans, or alimony. If you have debts concerning these, you will remain responsible for them and be subjected to whatever legal means are being used against you to collect on them.

Personal Bankruptcy Attorney in Chicago, Illinois

If you are struggling to pay your debts and facing a losing battle, declaring bankruptcy may be your best option. It is vitally important in such circumstances to get educated on what can be done to resolve the problem, whether through bankruptcy or other debt relief actions. Glanzer & Associates, P.C., serving the greater Chicago area, is dedicated to providing you with reliable counsel and information concerning bankruptcy, debt relief, and creditor issues. Whether you are interested in learning more about your options or are ready to move forward with a Chapter 7 or Chapter 13 bankruptcy, Attorney Glanzer and his legal team are more than ready and capable of assisting you.

Find out if bankruptcy is right for you. Learn your legal options for handling your crushing debt. Contact the firm for a free case evaluation. Work with an experienced bankruptcy attorney who offers reasonable payment plans and creates fast filings so that you can move forward into a brighter future.