Many of us have struggled with debt at some time in our lives. Watching an already large pile of debt grow bigger by the day is an alarming and highly stressful experience. Perhaps your credit card spending got out of hand or you overestimated how much money you would have to put towards a mortgage each month. Maybe your family has been struck by financial hardship because someone has lost a job or a family member is sick and accruing costly medical bills. Watching your finances continue to go down the drain is a situation that no one wants to be in. If you find yourself consumed by debt, bankruptcy is one option that you may want to consider.
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Bankruptcy Protections
For many people, the mere thought of bankruptcy sends chills up the spine. However, depending on the circumstances, bankruptcy can be a powerful and useful tool to help you escape the debt trap. As soon as you file for bankruptcy, you are granted certain protections under the law that are designed to help you get your financial life back on track. If you are deep in debt it is likely that creditors are harassing you about late payments, repossession, or foreclosure, all while new bills continue to pour in. Filing for bankruptcy can help put a stop to the madness.
The Power of the Automatic Stay
When you file for bankruptcy, an Automatic Stay goes into effect that legally forbids creditors from contacting you or pursuing debt collections further until your bankruptcy is finalized. With an Automatic Stay in place, creditors can not file a foreclosure lawsuit and can not send repossession agents after your property. They can't even legally call you to ask about your bills. Instead, a bankruptcy attorney can deal with creditors directly on your behalf.
An Automatic Stay behaves differently under different chapters of bankruptcy. When you file for Chapter 7, the stay may only last a month or so until your bankruptcy is finalized. Under Chapter 13, however, the stay may last as long as your repayment plan is still being carried out, typically 3 to 5 years. Therefore under Chapter 13, there is a greater chance that an Automatic Stay will provide enough of a delay on creditors to save your home and property.
To Learn More
For more information on getting your finances back on track while being protected from creditors' aggressive collection attempts, please visit the website of the Milwaukee bankruptcy lawyers at the DeLadurantey Law Office, LLC today.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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