What is an automatic stay? An 'Automatic Stay' is put in place once a bankruptcy claim is made. An automatic stay puts a hold on pesky phone calls from collection and repossession agencies.
According to the senate report relating to Automatic Stays: "The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors, stopping all collection efforts, all harassment, and all foreclosure actions. It permits the debtor to attempt a repayment or reorganization plan, or simply to be relieved of the financial pressures that drove him into bankruptcy. Notes of Committee on the Judiciary, Senate Report No. 95-989"
While the automatic stay is temporary it may give you the relief you need to get through the bankruptcy process. As with any legal matter you should discuss all of your options with your attorney and make a fully informed decision.
If you are struggling with bankruptcy or harassing collection calls, contact the offices of Attorney Erwin F. Meiers today.
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