Tag Archives: Automatic Stay
What Does The Automatic Stay Mean In Illinois?
Bankruptcy gives breathing room to distressed consumers, and that’s very good news for an awful lot of people. It is little wonder that one in four Americans deal with such severe financial stress that it produces PTSD-like symptoms. After only one month, most moneylenders turn into debt collectors, using tactics like constant phone calls… Read More »
Federal Court Closes Multiple Filing Loophole
The 2005 Bankruptcy Code reforms substantially changed the procedure regarding the automatic stay and eviction proceedings, and the law on this point is still rather uncertain. A New York bankruptcy court recently tried to make sense of the new rules, and since the judge interpreted federal law, the decision could impact bankruptcies in other… Read More »
Extending An Automatic Stay
Filing for bankruptcy automatically operates as a stay to almost all debt collection proceedings. Thus, what’s called an “automatic stay” is an important benefit of bankruptcy, immediately stopping any action from being taken against a general debt. Whether you need to stop a wage garnishment or repossession or have a bank account unfrozen, the… Read More »
The Automatic Stay
Bankruptcy, as you may know, is the legal process that allows individuals, couples, or businesses to liquidate many of their debts and get a fresh financial start. There are several ways to declare bankruptcy; in the Chicago area, you should seek legal advice and help regarding bankruptcy from an experienced Chicago bankruptcy lawyer. All… Read More »
