Automatic Stays - Bronx, NY
If you are facing financial difficulties and are considering filing for bankruptcy, you may be worried about creditors’ actions against you and your assets. Fortunately, the bankruptcy code provides an automatic stay that can provide you with some breathing room while you work towards a fresh financial start. At Park & Nguyen Attorneys At Law, we can help you understand the automatic stay and how it can benefit you.
What is an Automatic Stay?
An automatic stay is a legal injunction that stops creditors from taking any collection actions against you or your property once you file for bankruptcy. This injunction goes into effect immediately once you file your bankruptcy petition, and it can provide you with some much-needed relief from creditor harassment, wage garnishment, foreclosure, and more.
What Does an Automatic Stay Cover?
An automatic stay can stop a wide range of creditor actions, including:
- Collection calls and letters
- Wage garnishment
- Utility disconnection
- Lawsuits and judgments
- Tax collection
However, there are some exceptions to the automatic stay, such as criminal proceedings and certain types of debts, including child support and alimony.
How Long Does an Automatic Stay Last?
The automatic stay typically lasts for the duration of your bankruptcy case. If you file for Chapter 7 bankruptcy, which is a liquidation bankruptcy, your case will typically be resolved within a few months, and the automatic stay will end once your debts are discharged. If you file for Chapter 13 bankruptcy, which is a reorganization bankruptcy, your case will last for three to five years, and the automatic stay will remain in effect during that time as long as you make your court-approved payments.
How Can Park & Nguyen Attorneys At Law Help?
At Park & Nguyen Attorneys At Law, we can help you understand your options when it comes to bankruptcy and the automatic stay. We can assist you in filing your bankruptcy petition and ensuring that your automatic stay is in effect as soon as possible. Our experienced bankruptcy attorneys can also help you navigate the bankruptcy process and work towards a fresh financial start.
Contact Our Bronx Bankruptcy Lawyers
If you are considering bankruptcy and want to learn more about how an automatic stay can help you, contact Park & Nguyen Attorneys At Law today. Our attorneys have the knowledge and experience you need to navigate the bankruptcy process and achieve the best possible outcome for your financial future.
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