THE BANKRUPTCY CODE’S AUTOMATIC STAY PROVIDES INSTANT RELIEF As soon as a bankruptcy is filed, the “automatic stay” takes effect. Simply put, the automatic stay puts an immediate stop to creditor’s collection efforts. This includes foreclosures, evictions, repossessions, garnishments, utility shut-offs, lawsuits, phone calls and more. The bankruptcy code has penalties in place for creditors that violate the automatic stay. If you’re behind on your house or car payment and are being threatened with a repossession or foreclosure, filing for bankruptcy may be what you need to give yourself some breathing room and keep the property. There’s a good chance the lender wants several months of back payments now. Filing for bankruptcy does 2 things: It stops the foreclosure or repossession immediately, AND allows you to pay back the missed payments over time, sometimes up to 5 years! If you are stuck in a mortgage or car loan and you want to get out of it, you have that option too. You can choose to surrender the collateral and discharge the loan in the bankruptcy. Gas and electric shut-offs are also cancelled by filing for bankruptcy, and because there’s no collateral, the amount owed can be discharged in the bankruptcy.

*Collection Calls *Lawsuits *Repossesions *Foreclosures *Utility Shut-Offs

THE BANKRUPTCY CODE’S AUTOMATIC STAY PROVIDES INSTANT RELIEF As soon as a bankruptcy is filed, the “automatic stay” takes effect. Simply put, the automatic stay puts an immediate stop to creditor’s collection efforts. This includes foreclosures, evections, repossessions, garnishments, utility shut-offs, lawsuits, phone calls and more. The bankruptcy code has penalties in place for creditors that violate the automatic stay. If you’re behind on your house or car payment and are being threatened with a repossession or foreclosure, filing for bankruptcy may be what you need to give yourself some breathing room and keep the property. There’s a good chance the lender wants several months of back payments now. Filing for bankruptcy does 2 things: It stops the foreclosure or repossession immediately, AND allows you to pay back the missed payments over time, sometimes up to 5 years! If you are stuck in a mortgage or car loan and you want to get out of it, you have that option too. You can choose to surrender the collateral and discharge the loan in the bankruptcy. Gas and electric shut-offs are also cancelled by filing for bankruptcy, and because there’s no collateral, the amount owed can be discharged in the bankruptcy.

*Collection Calls *Lawsuits *Repossesions *Foreclosures *Utility Shut-Offs