What is Automatic Stay in A Bankruptcy Filing?

If you have filed bankruptcy or know someone that has, you may know firsthand or have heard that the major benefit in all this is the automatic stay. What is automatic stay in a bankruptcy filing? Glad you asked. It is a legal procedure that takes effect once the petition for bankruptcy has been filed with the court. What it does is to stop all of the creditors listed on the bankruptcy from making contact with any debtor. It also stops all attempts at collecting the debt. This is especially true in a Chapter 7 bankruptcy.

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3 Financial Moves To Make Right After Bankruptcy

Getting bankruptcy discharged can feel like a relief, but it’s also just the beginning. With your debts discharged, you’re on your own to build yourself a better financial future. There’s no denying that the bankruptcy will follow you for a time, but the earlier you act the better prepared you can be for when it falls off your credit report. Here are three steps to take immediately after discharge to help protect your financial future.

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Can Bankruptcy be Avoided?

 There are several reasons why personal bankruptcy continues to increase significantly each year. So many Americans carry a lot of debt, reaching close to $2 million each year. Home equity lines of credit, personal loans, mortgages, auto loans and credit cards are easily available to Americans, no matter if the interest rate is high or low. Unemployment and divorce are also going to be an issue for some people – unable to manage the financial stress that all of this brings. For that reason, bankruptcy may be the only option for some of these people.

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5 Things Nobody Tells You About Bankruptcy

There are those things seemingly everyone knows about bankruptcy, from what it can do for your debt to what it will do to your credit score. The thing about bankruptcy is that it’s a complicated process, and simplification doesn’t even begin to cover what you need to know. If you’re really considering bankruptcy, here are five things you may not know already.

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Latest News in Detroit's Bankruptcy

For years now it is no secret that Detroit has been in financial turmoil. The once booming city of Detroit was diminished by a debt so great that the city had to file for bankruptcy. When Detroit filed in 2013 it was the largest municipal to file for Chapter 9 bankruptcy in United States history. The amount the city was in debt is well into the billions.

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