When you’re in the midst of debilitating debt, filing for bankruptcy can afford you a much needed sense of calm. One of the immediate benefits of filing is the enactment of an automatic stay.

From the Santa Clara University School of Law:

The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors stopping all collection efforts, all harassment, and all foreclosure actions. It permits the debtor to attempt a repayment or reorganization plan, or simply to be relieved of the financial pressures that drove him into bankruptcy.

The automatic stay is one of the most effective tools at your disposal. Here’s a few things to know about it.

When should I file?

The stay is essentially telling your creditors, “Stop!” If you find yourself in a precarious situation, such as foreclosure or default, it might be something to think about. Filing will give the debtor a sense of calm in a whirl of financial difficulty. It’s an opportunity to think, to reassess.

The best part? True to its name, an automatic stay goes into effect immediately. No hearing takes place, so there’s no waiting around for the court system. But it is a temporary measure. Automatic stays can help you take a few deep breaths before proceeding with your case.

What can I expect after filing?

As stated before, an automatic stay is a temporary solution to a larger issue. After you file, your creditors can take action to terminate or amend the stay. In this case, it’s best to contact a bankruptcy attorney to help you navigate through the sometimes complicated Bankruptcy Code.

That’s where we come in. We can help you make the right choice for your lifestyle, your family and your future.

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