When the bills are not getting paid and the collection agency calls outnumber the telemarketers, it might be time to consider bankruptcy. While most people associate a bankruptcy filing with unloading the burden of too much debt, there is another benefit that is not as well known but takes effect right away. Read on to learn more about the immediate relief of the chapter 7 bankruptcy automatic stay.
What is the Automatic Stay?
Second only to the fear of losing your home is losing your car. Most people cannot live without their vehicles to get to work, school and the store and this one issue might be the one holding you back from making your financial fresh start. You should know that filing for a chapter 7 bankruptcy does not automatically put your car at risk of being seized, so read on to find out two ways your vehicle is protected.
Nothing is worse than having your home foreclosed on. You probably worked your entire life to be able to afford a home, and a foreclosure would stop this dream dead in its tracks. You can fight back by working with a foreclosure attorney service, however. They can provide the following benefits to this stressful situation.
Modify Your Current Home Loan
Your current home loan may no longer be feasible. Life may have gotten in the way to the point where it's hard to cover these monthly payments.
Many people know that they can file for a chapter 7 bankruptcy and get rid of their debts, or at least most of them. There is, however, another big benefit from filing bankruptcy and it happens before you even know it. Read on to find out how the automatic stay can help you deal with your financial situation in no time flat.
Pauses Collection Activity
When it comes to being behind on bills, few creditors are more aggressive than credit card companies and collection agencies.
If a chapter 7 bankruptcy is likely in your future, you may want to learn a bit about what not to do just before you file. Your financial situation, including your spending, may be subject to a certain "look back" period by the bankruptcy trustee. Read on and learn how to avoid getting yourself into trouble by violating the bankruptcy codes.
1. Don't go wild with your credit cards once you decide to file for a chapter 7 bankruptcy.