When you are under crushing amounts of debt, your creditors have all the power over you. It feels as though you'll never be able to fight back against their constant calls and threats. However, when you file a Chapter 13, suddenly the power is back in your hands and there isn't much a creditor can do about it.
When you file a Chapter 13, an automatic stay kicks in. What's an automatic stay? It refers to the part of bankruptcy law which protects you from the actions of your creditors. Creditors can no longer threaten you by phone or mail, continue with a foreclosure or repossession, or threaten to put a garnishment on your paycheck. After you've filed a Chapter 13, your creditors are playing on your turf.
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A creditor may try to convince you that he or she does not have to follow the automatic stay or that they are above the law. The truth is that no bank, credit card debt collector, car lender, or mortgage lender can refuse to recognize it. They simply don't have a choice.
Obviously, an automatic stay is powerful and can be the ultimate protection for your family from the terrible tutelage of creditors. I'm sure you can agree that getting protection from foreclosure and creditor calls while also getting credit card debt help and relief from your bills is invaluable.
But now that you know how it works, you may be wondering why it was created. The goal of a Chapter 13 is to create a payment plan that will help you get peace of mind, appease your creditors, and free you from the prison that debt can create. In order to do that, you must have the distance from your creditors for you and your bankruptcy attorney to create a coherent plan. Without that freedom, you'd never have the time or peace to develop a coherent enough plan.
A bankruptcy attorney can help you understand the power of bankruptcy and harness it to improve your life. Never underestimate how much protection from foreclosure, debt, and your creditors can change your life. If you're thinking, "Should I file bankruptcy?" the best move you can make next is to examine your options. Look for bankruptcy FAQ, blogs, and articles on the subject. Don't forget, any attorney can offer to talk to you for free but the best ones will be able to give you free educational materials before they even speak with you.
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