The "Automatic Stay" The "automatic stay" is one of the most powerful tools of bankruptcy. It's the law that automatically goes into effect right when your bankruptcy case is filed, and stays—or stops —all collection activity against you and your property. Although the "automatic stay" protects you against just about anything a creditor can do … [Read more...]
How to Keep Your Home through Chapter 13
June 2, 2016 by Leave a Comment
Filing either a Chapter 7 "straight bankruptcy" case or a Chapter 13 "adjustment of debts" one stops a pending home foreclosure, and prevent one from starting. If you're behind on your mortgage (or are about to be) and want to keep your home, whether Chapter 7 or Chapter 13 makes more sense depends on how far behind you are and how much help you … [Read more...]
Losing the “Automatic Stay” through Multiple Filings
May 2, 2016 by Leave a Comment
The "automatic stay" stops creditors from pursuing you and your assets starting as of the moment your bankruptcy case is filed. As long as your case is active, they cannot continue harassing you. This is a tremendously important benefit of bankruptcy. It's one you certainly don't want to lose out on. Unfortunately, some people DO lose out on … [Read more...]
How to Keep a Vehicle Even If You’re Behind on Payments
April 22, 2016 by Leave a Comment
Falling behind on a vehicle loan is scary because of the very real threat of having your vehicle repossessed. It is all too easy for this to happen—vehicle lenders' contracts usually legally allow them to do as soon as you are late on your payment. Limited Help with a Chapter 7 "Straight Bankruptcy" Once you have fallen behind on your … [Read more...]
Prevent IRS Garnishments
March 22, 2016 by Leave a Comment
Exceptions Allowing IRS and Certain Other Wage Garnishment in Texas Texas is one of the few states in the country that generally don't allow the garnishment of wages for collection of consumer debts. But there are major exceptions where wage garnishments CAN occur: federal taxes child support and alimony student loans your employer is … [Read more...]
Stop Vehicle Repossession
March 2, 2016 by Leave a Comment
One of the most powerful tools of bankruptcy—the "automatic stay"—can stop the repo man cold. This is the law that automatically goes into effect the moment your bankruptcy case is filed at court to stay—or stop—all collection activity against you and your property. The filing of a Chapter 7 or Chapter 13 case will force a creditor to … [Read more...]
Gaining the Protections of the “Automatic Stay” for Your Home
April 4, 2014 by Leave a Comment
Either Chapter 7 or Chapter 13 will stop a foreclosure. The Bankruptcy Code says that a bankruptcy "petition filed . . . operates as a stay, applicable to all entities, of— . . . any act to . . . enforce [any lien] against any property of the debtor . . . ." See Section 362(a)(4) . This means that the mere filing of your bankruptcy case will … [Read more...]
The Fast and Broad Protections of the “Automatic Stay”
March 28, 2014 by Leave a Comment
The “automatic stay” gives protection for you and your assets that is awesomely fast. And very broad. Don’t take it for granted. The last two blogs have dug into the relatively rare situations in which the “automatic stay” does not protect you or your assets. But it’s important to understand that those are unusual exceptions. Almost all the time, … [Read more...]
How to Avoid Getting Disqualified for the Protections of the “Automatic Stay”
March 10, 2014 by Leave a Comment
Very rarely the filing of a bankruptcy will NOT stop creditors from chasing the debtor. Here’s how to avoid this happening to you. The Essential “Automatic Stay” In just about every bankruptcy case, stopping creditors from pursuing you and your assets is a crucial part of what you get for filing the case—regardless whether it’s a Chapter 7 or … [Read more...]
