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You've been getting into deeper and deeper financial waters and you're beginning to dread hearing the phone ring. It might be another creditor or collection agency reminding you yet again that your payment is past due. You can be free of those calls when you file for bankruptcy.
Your relief from creditors starts from the time you have an attorney to handle your bankruptcy. If a creditor calls, you just tell them you have an attorney to handle your bankruptcy and give them the attorney's name and phone number.
Once you have an attorney, don't use any credit cards you intend to discharge in bankruptcy. There's a possibility the creditor could file a complaint saying your charges were made with the intent not to repay the debt. It will cost you extra to have your attorney handle such complaints.
When your bankruptcy petition is filed in court, an automatic stay goes into effect. The stay prohibits your creditors from starting or continuing law suits, they cannot call you demanding payment, creditors cannot repossess any property, they can't garnish your wages (with the exception of court ordered child or family support), and they can't make a foreclosure sale.
If you are already in a foreclosure or any civil case and you intend to reaffirm the debt (continue to make payments until the debt is paid) to save the property, provide your attorney with a copy of the lawsuit and the name and address of the creditor's attorney. This does not mean the attorney will represent you in that suit, but should keep the civil case from proceeding.
The bankruptcy court will mail notice of the 341 creditors meeting about a week after your petition is filed. If a creditor contacts you after you have received notice of the 341 meeting, tell them you have filed for bankruptcy, give them your case number, and ask them not to call you again. If you receive bills from creditors, return the bill with a copy of the 341 notice.
If a creditor continues to call or write you after you have given them your case number and bankruptcy filing date, keep a log of the date and time. If a creditor persists, tell you attorney. Anyone who willfully violates the stay is liable for damages.
Since the bankruptcy court may delay notifying your creditors of the bankruptcy, you or you attorney must give notice of your bankruptcy case to creditors who might be taking action without knowing about the stay.
The automatic stay will remain in effect:
until a judge lifts the stay at a creditor's request
you receive a discharge (you're no longer responsible for the debt)
a piece of property is no longer part of your bankruptcy estate
For information on your legal protection from creditors, you should consult an attorney. Some stays are not permanent after discharge and there are some things the stay does not cover. Your bankruptcy attorney will ensure all the proper legal steps are taken and let you know what applies to you.
For information on your legal protection from creditors, you should consult an attorney. Some stays are not permanent after discharge and there are some things the stay does not cover. Your bankruptcy attorney will ensure all the proper legal steps are taken and let you know what applies to you.
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