Imagine this scenario – a successful person loses their job and with it their income. Because of age, or gender perhaps, they cannot get another job. The debts mount, the creditors send constant letters of demand, perhaps even arriving on the doorstep to demand payment.

Sound familiar? Are you at that place in your life? A Chapter 7 or Chapter 13 petition for bankruptcy could be your savior. Under bankruptcy law, when this petition for bankruptcy is filed, the court will automatically grant the filer an automatic stay provision. This is essentially a notice to all creditors that you have entered the bankruptcy process and they must desist from harassing you in any way.

Furthermore, this prevents any creditor from taking action such as placing liens on your property or bank accounts. Of course, taking action through the bankruptcy court is a big step on its own. It’s one step I suggest you don’t take alone as well. There are a lot of suitably qualified and experienced bankruptcy lawyers available. Make use of their services before heading into a bankruptcy court.

I make this suggestion for a couple of reasons. First, they know the system extremely well. Do You? They also know exactly what assets may be at risk and what assets you will be allowed to keep. They can also advise on what documents you need prior to filing your petition.

In fact, bankruptcy lawyers can also file the petition on your behalf. If you were to undertake all of these actions, there is a risk of you missing a vital step or document and seeing your petition either denied or at least delayed. Until your petition is accepted, you are not provided with that automatic stay protection. This leaves you vulnerable to further harassment from creditors. Get help as soon as possible and take advantage of the stay protection – it will at least take some of the pressure off.

Related posts:

  1. Are You Being Harassed By Creditors? Seek Consumer Protection