Although Chapter 7 bankruptcy laws automatically protect your car, this will not automatically save it from the clutches of the lender. This is because your car's lender can request the court to lift the stay and reposess the vehicle. The court is likely to grant the petition if the lender can prove that you are not making any attempts to cure your default. Here are three tips to help you maintain the stay on your car's repossession:
Filing for bankruptcy is a big deal. However, it can also help you get your finances in order and allow you to stay in your home. When you file for bankruptcy, the judge puts an automatic stay on your property and assets. This puts a pause on any lawsuits filed against you, specifically by creditors. The best way you can use the automatic stay in a bankruptcy case is to help you keep your home and avoid being evicted.
It can take months from the time you first file for bankruptcy until the case is closed. In that period, you could face a number of legal issues, depending on your particular financial situation. If you have filed and are waiting for the official close of your bankruptcy, here is what you need to know.
Is Your Case Closed after the Discharge?
The discharge typically occurs after your trustee has a chance to review your assets and debts and steps are taken to reduce the amount of debt that is owed to your creditors.
If you're considering filing for bankruptcy, do it now and start getting the benefits. You're tired of receiving calls and notices from creditors and bill collectors. Give yourself a break from that and get in touch with a bankruptcy attorney. They will walk you through the steps and you'll start feeling some relief. Here are some good reasons to stop waiting and file right now.
You Can Stop Worrying about the Actual Filing
While many people see bankruptcy as a careless disregard for financial responsibility, in reality it is more an act of sheer desperation. This is not a decision to be taken lightly, and you are likely in dire straits to consider bankruptcy as a solution. Being threatened with the loss of basic human necessities such as housing, home heating and transportation can be a major motivational factor for filing bankruptcy.
Bankruptcy is the hoped-for relief when you are about to lose almost everything, and an efficient and effective method of holding off the creditors who are hounding you night and day.