When You File, It’s “Automatic”
In the greater Chicago area, if you are genuinely afraid that you are not going to be able to pay your debts – and they’re still piling up – you may want to discuss the bankruptcy option with an experienced Chicago bankruptcy lawyer. As you probably know, bankruptcy is the legal procedure that lets those heavily in debt have a fresh financial start. One of the protections you receive when you file for bankruptcy is an “automatic stay.” It’s a legal order for relief that stops creditors from bullying and harassing you regarding your debts.
You receive the protection of an automatic stay even though the concept was originally created to benefit creditors by ensuring that multiple creditors are treated equitably and that no creditor gets an advantage over another. Immediately upon filing for bankruptcy, the automatic stay protects you from repossessions, foreclosure, wage garnishment, and lawsuits filed against you by creditors. It also stops creditors from telephoning or mailing you to harass or bully you about a debt. It’s actually against the law for a creditor to violate the automatic stay,
When you file for bankruptcy in Chicago, all of your creditors are notified that you’ve filed for bankruptcy and that an automatic stay is now in place. However, some debts are not dischargeable in a bankruptcy, and an automatic stay does not shield you from those financial obligations. Taxes, child support, alimony, and any other fines or fees that you owe to a civil or criminal court must still be paid in full.
When you file for bankruptcy, the automatic stay is an immediate element of the legal protection you receive. A good Chicago bankruptcy lawyer can outline your options for personal bankruptcy – and your other alternatives for debt settlement – and recommend the choice that’s best for you. If you’re struggling with overwhelming debt in the Chicago area or anywhere else in Illinois, get the help you need and speak with an experienced Chicago bankruptcy lawyer as quickly as possible.
