Florida Bankruptcy: See How Easily an Automatic Stay Will Stop Foreclosure and Collection Efforts

One of the great benefits of filing for bankruptcy is the “automatic stay”.

As soon as the petition is filed, an automatic stay goes into place. You creditors must stop all collection efforts. No more harassing phone calls, letters or law suits.

An even further benefit to an automatic stay!

If you are behind in your mortgage or car payment you are in danger of repossession, foreclosure, or even the sale of your property. An automatic state will prevent a secured lender- the bank, credit union or mortgage company, from trying to repossess, foreclose or sell your property.

If you have filed a Chapter 7 bankruptcy, the automatic stay in is place until you get your bankruptcy discharge.

If you have credit card debt or medical bills, a Chapter 7 bankruptcy will wipe out those bills once the automatic stay has ended, your debt has been wiped out and your creditors can’t legally pursue you for repayment.

One of the many benefits of the Chapter 13 bankruptcy is the automatic stay, which lasts throughout the entire repayment period if your debt is secured by a house, car, or other property, the automatic stay will protect you during the repayment period of time so long as you remain current.

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