THE BENEFITS OF AN AUTOMATIC STAY
Posted on 05 22,2013
The moment an individual files for bankruptcy protection, regardless of whether they are filing for Chapter 7 or Chapter 13, the bankruptcy court will issue an automatic stay. An automatic stay is a temporary injunction which serves to prevent creditors, lenders, or any other third party collection agencies, from continuing their efforts to collect on your debts. When an automatic stay is issued, all creditor phone calls, written notices, lawsuits, repossession efforts, and foreclosure proceedings, must cease at once. The purpose for issuing an automatic stay is to protect you, as the debtor, and allow you a little breathing room to be able to figure out a repayment plan and/or begin taking steps towards rebuilding your financial future.
If you or a loved one has found yourself struggling to keep up with your financial obligations, or you feel like you are being buried under a mountain of debt, it is time to contact our firm and speak with one of our experienced bankruptcy attorneys. At McCormick & Calderón, we pride ourselves in being able to provide clients with the compassionate, effective legal assistance they need in order to overcome their financial obstacles and get back on their feet. When you contact our firm, we will diligently review your current situation, take the time to address any of your questions or concerns, help you determine the best course of action to pursue, and guide you through the entire bankruptcy process.
Bankruptcy can be a viable solution to your financial difficulties. Contact a Virginia Beach bankruptcy lawyer at our firm today and schedule a free initial consultation to discuss your situation.