Dealing with creditors is something that no one wants to think about. Just the thought sends shivers down the spines of millions of Americans. The ceaseless phone calls; the endless letters; and the constant dread that you live with that at any given moment, you may be dealing with severe legal action or punitive financial consequences.
This is why a lot of people turn to debt relief tactics and bankruptcy to stop the incredibly annoying creditor harassment that plagues the days of far too many people. A bankruptcy filing achieves this, legally alerting all of your creditors that you have bankruptcy protection and that their collection efforts must halt.
This halt on creditors chasing your debt is called an "automatic stay." This comes inherently with bankruptcy. It prevents creditors from doing any of the following:
- Repossessing your assets. They can't take your car to clear up past debts or foreclose on your home. Losing your vehicle could cause serious ramifications for you, so this is an important protection to have.
- Wage garnishment. If creditors can siphon your paycheck, it can dramatically affect your ability to live. An automatic stay prevents this.
- Calling you over and over again. Communication has to cease between a creditor and a debtor when an automatic stay is in place.
If you are interested in a bankruptcy filing and what it can do for you -- in addition to the great benefits of an automatic stay -- then consult with Vance P. Truman, Attorney at Law.