March 07, 2013 (Press-News.org) The automatic stay is a major benefit of bankruptcy
Article provided by Liviakis Law Firm
Visit us at http://www.liviakislaw.com/
Many people struggling with financial difficulties may wonder if filing bankruptcy is the ideal solution. One of the major benefits of bankruptcy is the automatic stay. An automatic stay immediately takes effect upon filing for bankruptcy and stops creditors from taking any further actions to collect debts during the bankruptcy proceeding. This stops creditor harassment, garnishments, bank levies and also prevents creditors from filing lawsuits to collect debts.
What the automatic stay applies to
One of the biggest benefits of the automatic stay is that in some situations it can be used to prevent home foreclosures. An automatic stay is temporary, so the bank may try to resume the proceedings once the automatic stay is removed. However, temporarily halting the foreclosure can give an individual time to bring his or her mortgage current and therefore prevent the foreclosure entirely.
The automatic stay also stops eviction proceedings for renters. Since courts generally favor landlords in eviction cases, the landlord is likely to eventually prevail. However, the automatic stay can give people additional time to search for new housing.
Utility companies are also forbidden from turning off utilities for 20 days after imposition of an automatic stay.
The automatic stay also applies to vehicle loans. However, if payments are missed, the creditor is likely to petition for removal of the stay. This enables the creditor to either reclaim the vehicle or modify the financing.
What the automatic stay does not apply to
There are a multitude of items that an automatic stay does not apply to, including:
-Child support payments
-Taxes
-Pension loans
In addition to not preventing efforts to collect any outstanding child support obligations, the automatic stay also does not prevent a family court from ordering an individual to cover costs associated with a court ordered paternity test. An automatic stay also does not prevent the Internal Revenue Service from requiring the filing of a tax return or payment of any owed taxes. Additionally, if a landlord already has a court ordered wrongful possession judgment, the automatic stay does not allow an individual to remain in rented property.
A new automatic stay does not apply every time bankruptcy is filed. If an individual files for bankruptcy after also filing in the previous year, the current automatic stay concludes after 30 days. It is possible to request that the automatic stay continue upon showing that the current bankruptcy was filed in good faith.
Creditors can attempt to remove the automatic stay
Attempting to collect debt while an automatic stay is in effect comes with serious consequences. Creditors face potential contempt of court charges or may be found liable for damages.
However, creditors can petition the court to remove the automatic stay. It is typically necessary to show that the automatic stay is not achieving its anticipated goal.
An individual experiencing financial difficulty can benefit from speaking to an experienced bankruptcy attorney. The attorney can provide creative solutions and help individuals achieve fresh financial starts.
The automatic stay is a major benefit of bankruptcy
One of the major benefits of bankruptcy is the automatic stay, which immediately takes effect upon filing and stops creditors from taking action to collect debts during the bankruptcy proceeding.
2013-03-07
ELSE PRESS RELEASES FROM THIS DATE:
More US tax evaders will be caught as offshore havens accept FATCA
2013-03-07
More US tax evaders will be caught as offshore havens accept FATCA
Article provided by Hider & Associates, P.C.
Visit us at http://www.fightirs.net/
Wealthy Americans looking to minimize their tax liabilities have long relied on offshore bank accounts -- in the Caribbean, Switzerland and elsewhere -- to shield their assets from the watchful eyes of Uncle Sam. While many of these accounts are completely legal, others were set up with the express purpose of avoiding taxes that the accountholders would otherwise have to pay.
Whatever shelter these accountholders ...
Crafting parenting plans in Florida divorces
2013-03-07
Crafting parenting plans in Florida divorces
Article provided by The Law Offices of Elkins & Freedman
Visit us at http://www.elkinsandfreedman.com
When a married couple divorces, there are a number of contentious issues that will need sorting out. If the couple has had children together, working out a new co-parenting relationship is often the hardest part of the divorce.
Co-parenting after a divorceinvolves much more than just devising a custody and visitation schedule. In the most successful arrangements, co-parents work out agreements on all aspects of ...
New York stop-and-frisk: a deterrent to crime or racially discriminatory?
2013-03-07
New York stop-and-frisk: a deterrent to crime or racially discriminatory?
Article provided by Lerner & Lerner, P.C.
Visit us at http://www.lernerandlerner.com/
The New York Police Department's stop-and-frisk policy has recently become a controversial issue among city residents. Under the policy, New York police can stop, question and search anyone on the street if the officer has a reasonable suspicion that the person is involved in criminal activity, about to engage in criminal activity or is armed.
The department's policy is based on a 1968 Supreme Court ...
Colorado lawmakers consider expanding liability for discrimination
2013-03-07
Colorado lawmakers consider expanding liability for discrimination
Article provided by Bryan E. Kuhn, Counselor at Law, P.C.
Visit us at http://www.bryankuhnlaw.com
A Colorado legislative committee recently gave its approval to a proposal that would enhance the legal remedies available to victims of illegal employment discrimination in the workplace, the Denver Business Journal reported.
The measure, known as House Bill 1136, would permit employees of smaller companies -- those with fewer than 15 workers -- to receive compensatory and punitive damages of up to ...
Many options exist for long-term elder care
2013-03-07
Many options exist for long-term elder care
Article provided by Ruggiero Ziogas & Allaire
Visit us at http://www.rzalawyers.com
Over the last several decades, the lifespan of the average American has increased significantly. This is undoubtedly a good thing. However, the aging population has brought with it a whole host of new concerns, including the need for a wider array of elder care options. According to the Georgetown University Public Policy Institute, approximately 70 percent of Americans over the age of 65 will require long-term care at some point.
This ...
Disinheritance in California estate plans
2013-03-07
Disinheritance in California estate plans
Article provided by Burkley & Brandlin LLP
Visit us at http://www.burkley-brandlin.com/
A will is a very powerful tool. With a valid will, you can direct what happens to your assets after you die, ensuring that the people you love are well taken care of. Of course, the opposite is also true -- by leaving someone out of your will you can, in most cases, prevent them from recovering anything after you pass away.
Many people think of the decision to disinherit someone as the result of a fight or falling out. While this ...
The benefits of Chapter 13 bankruptcy
2013-03-07
The benefits of Chapter 13 bankruptcy
Article provided by Law Office of Kevin J. Magorien
Visit us at http://www.kevinmagorien.com
Although the economy has recently shown signs of recovery, many Americans have yet to regain their financial footing. The problems of long-term unemployment and underemployment are still present. As a result, many people--even those who have managed to remain employed--are unable to stay current on their bills. For people in this situation, Chapter 13 bankruptcy may be able to help.
Chapter 13 bankruptcy, also known as "wage ...
Your rights when creditors harass you during or after bankruptcy
2013-03-07
Your rights when creditors harass you during or after bankruptcy
Article provided by William G. Schwab and Associates
Visit us at http://www.uslawcenter.com
One of the benefits of filing bankruptcy is that upon completion, it gives the debtor a discharge, meaning that he or she is no longer legally obligated to pay many debts that existed before the bankruptcy. Another benefit is the automatic stay, which prohibits creditors from working to collect most debts (e.g. making collection calls to the debtor) while the bankruptcy is pending.
However, like many things ...
Easter Sale at Dinga - Major Discount on Fishing Tackle & Angling Equipment
2013-03-07
This Easter, Dinga Pty Ltd Australia continues its policy of Australia's Lowest Prices this Easter on all sorts of fishing tackle. With an embellished history of selling top-quality rods, reels and combos across NSW for the past 30 years, Dinga had recently taken its fishing tackle warehouse online with the launch of http://www.dinga.com.au.
The online sale on Dinga.com.au begins on Monday, March 4th 2013 and includes a large selection of freshwater and salt water angling stuff from all major fishing brands such as Van Staal, Jarvis Walker, Ryobi, Daiwa, Shimano and ...
MyBotoxLA Offers Botox and Medical Aesthetic Services in a Salon Setting
2013-03-07
With the increased demand for dermal filler and Botox in the Los Angeles area, walk-in clinics offering watered-down Botox are now competing with dermatologist offices for a share of the non-surgical aesthetic. Cheap Botox is weak and provides poor results, while going to the dermatologist's office for a procedure can be expensive and nerve-wracking. MybotoxLA (http://www.mybotoxla.com) in Sherman Oaks offers an alternative for Los Angeles area Botox patients
MyBotoxLA offers Botox, Juvederm, Radiesse, Latisse and other non-surgical cosmetic procedures in a salon setting. ...
LAST 30 PRESS RELEASES:
Family dynamics shape body image differently across cultures
Crystal clear design for high-performance flexible thermoelectric semiconductor
Detecting lung cancer 4 months earlier at the GP using artificial intelligence
Safer opioid supply improves health outcomes among people at high risk of overdose
Micronanoplastics found in artery-clogging plaque in the neck
TOS statement on oral GLP-1s
Pulmonary fibrosis has no cure. Could a cancer drug hold the answer?
Trial explores drug-free approach to treat ADHD symptoms in children exposed to alcohol before birth
New research points out a promising strategy for treating metastatic medulloblastoma
Light fields with extraordinary structure: plasmonic skyrmion bags
DNA origami guides new possibilities in the fight against pancreatic cancer
PREPSOIL launches assessment tool for soil living lab and lighthouse initiatives
Lebanon crisis driving parents to seek unregulated “shadow” education, study shows
The AGA Research Foundation awards $2.4 million in digestive health research funding
A repurposed anti-inflammatory drug may help treat alcohol use disorder and related pain
Obesity disrupts “reaction time” to starvation in mice
Listening to an avatar makes you more likely to gamble
Facial expressions of avatars promote risky decision-making
PREPSOIL Final Event: Facilitating the deployment of the Mission Soil across European regions
Politecnico di Milano: a study in Earth’s future on agrivoltaics reducing the competition between food and energy
Listeners use gestures to predict upcoming words
An AI tool grounded in evidence-based medicine outperformed other AI tools — and most doctors — on USMLE exams
Adolescents who sleep longer perform better at cognitive tasks
A ‘dopamine detox’ is too simplistic, new study finds
Alcohol use and abusive or neglectful behaviors among family caregivers of patients with dementia
Childhood exposure to air pollution, BMI trajectories and insulin resistance among young adults
JMIR Aging launches new section focused on advance care planning for older adults
Astronomers discover a planet that’s rapidly disintegrating, producing a comet-like tail
Study reveals gaps in flu treatment for high-risk adults
Oil cleanup agents do not impede natural biodegradation
[Press-News.org] The automatic stay is a major benefit of bankruptcyOne of the major benefits of bankruptcy is the automatic stay, which immediately takes effect upon filing and stops creditors from taking action to collect debts during the bankruptcy proceeding.