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When you are struggling with debt, the last thing you want is for your creditors to come after you. Fortunately, there's bankruptcy law can help protect you from creditor harassment. Our Colorado bankruptcy team answers common questions and provides information on how automatic stay can help you out of difficult financial situations.
What is Automatic Stay?
An automatic stay is a legal order that stops creditors from taking further action against you. This includes collection attempts, foreclosures, and repossessions. Once you file for bankruptcy, the automatic stay goes into effect immediately. The automatic stay will remain in effect until your bankruptcy case is over or unless the court lifts the stay. Needless to say, automatic stay can be a powerful tool to help you get your finances back on track.
What Are the Benefits of Automatic Stay?
The main benefit of the automatic stay is that it gives you time to catch up on missed payments without worrying about creditors coming after you. This can provide much-needed relief and allow you to focus on getting your finances in order. In addition, the automatic stay can:
- Stop wage garnishment
- Stop foreclosure proceedings
- Stop collection attempts
- Stop utility shutoffs
- Stop most civil lawsuits
- Give you time to negotiate with creditors
Be sure to speak with an experienced bankruptcy attorney who can answer any questions you may have and help you navigate the process.
Contact Our Team Today!
If you are considering bankruptcy, our team can help. We have helped countless people in Colorado get out of debt and start fresh. Contact us today to schedule a free consultation. We will review your situation and help you determine if bankruptcy is right for you.
We can assist you with bankruptcy filing. Don't hesitate to contact us today through our website or give us a call at (303) 536-5124 to schedule a consultation.