How does bankruptcy help me in the short run?

Submitted by webadmin on Tue, 04/09/2013 - 17:37

The moment you file for bankruptcy, you are protected from your creditors. The Automatic Stay stops all collection efforts against you and against your property. Creditors must stop calling you and sending letters to you. If a creditor has already sued you, that lawsuit must stop. The automatic stay also prevents creditors from repossessing your property and from foreclosing on your home. The automatic stay is explained in more detail below.