bankruptcy notices

bankruptcy notices

The debtor's most powerful weapon, The Automatic Stay

Now stay if your bankruptcy is filed, an automatic is created. An automatic stay is the equivalent of a restraining order that prevents creditors from taking certain collection actions against you. This collection measures include: Make calls at home, at work or on your cell phone, filing lawsuits against you, or continue with actions that are already underway; withdrawal trials; foreclosure proceedings Wage or bank garnishments; recording all liens or judgments, Anything that, in order to collect a debt or improve a creditor, as it relates to you and your underlying debt instruments Experiments.

The automatic stay is not absolute

There are exemptions from the automatic stay, especially in the case of re-submissions. Creditor Actions are not stopped in the following cases: Criminal actions. Filing a bankruptcy will not prevent federal, state or local authorities from carrying out their criminal Action against you. Assist in disputes related with family or marriage, are not stayed and can be continued in spite of your declaration of bankruptcy. Actions government units that are to enforce a police power did not stay.

Recent changes

There are many changes in the field of automatic have occurred since bankruptcy reform remains came into force, in general, 17th October 2005. The main changes are to do with repetitive bankruptcy filings. If A second file bankruptcy within one year after a previous application, the automatic stay only enter into force thirty days, if you are to the court that the second Registration can prove filed in good faith. You must have heard it and file an application before the judge, before the expiration of thirty days. The motion may, at a particular creditor, or what is more likely to be made against all creditors. According to the notice and a hearing, the court usually one or otherwise. You have the burden of proving that the second case was filed in good faith. This can be by demonstrating a positive change in your circumstances such as higher be achieved, more stable incomes. Another example would be if you recovered from an illness which have prevented you from employment. If you file a Third bankruptcy case within two years prior filings, the automatic stay does not come into force at all. You can try the automatic stay by his motion, similar to the above view, showing that the filing was made third in good faith. Although it is not impossible, it would be a very convincing Reason to convince the court to require that the residence permit will be introduced at the third application within one year. In Eviction Cases, if the landlord already has a ruling on the possession before the bankruptcy filing, then there is no automatic stay. You should file your bankruptcy before the owner in obtaining a court order so that the stay could come into force. It can not remain so if the threat of eviction on rental property or an illegal use of controlled substances is based, is occurring on the premises and the eviction started prior to the bankruptcy placed in the file.

About the Author:

David M. Siegel is the author of Chapter 7 Success: The Complete Guide to Surviving Personal Bankruptcy. He is a member of the American Bankruptcy Institute and currently practices bankruptcy law in Chicago and its surrounding suburbs. Additional information is available at http://www.bankruptcy-lawyers-dallas.com .

Article Source: ArticlesBase.comGreatest Bankruptcy Weapon: the Automatic Stay

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