When individuals and businesses are facing serious debt, they may feel overwhelmed by contact from creditors who are looking to collect money. Of course, feeling under pressure to make payments on outstanding debt can be very stressful. When so much is on the line, many people start thinking about the possibilities of filing for bankruptcy. One of the biggest benefits of filing for bankruptcy is that as soon as the petition is filed, an automatic stay goes into effect. The automatic stay bans all communication and collection efforts from lenders.
The automatic stay bars all contact from the creditor so they will no longer be able to make threats or harassing phone calls, send mail, or bring lawsuits. It is also important to be aware that the automatic stay stops all foreclosures and repossessions in their tracks. Of course, this can come as a great relief for many people in debt. Being able to have some room to breathe can allow a person in debt some time to figure out their financial situation with a bankruptcy attorney.
If a creditor violates the automatic stay, the petitioner should notify their attorney immediately and request protection from the court. If you are struggling financially, contact the experienced bankruptcy attorneys at our firm today.
Detzky, Hunter & DeFillippo, LLC is an experienced law firm that has proudly served clients across New Jersey for decades from their convenient locations in Freehold and Somerville. If you need strong legal guidance, contact us today to schedule a consultation. We are lawyers who listen, counselors who care.
