One of the benefits of filing for bankruptcy is an automatic stay. An automatic stay prevents creditors from collecting, or even trying to collect, any debt the person filing for bankruptcy owes. If you are dealing with overwhelming debt and are considering filing for bankruptcy, you should take advantage of the automatic stay feature.
Our Indianapolis bankruptcy attorneys explain everything you need to know about the automatic stay and how long it lasts.
Automatic Stay Timeline
The length of the bankruptcy automatic stay can vary from case to case. However, the automatic stay will typically end when the bankruptcy is discharged. Whether you file for Chapter 7 or Chapter 13 bankruptcy, the automatic stay will protect you from creditor harassment and debt collection attempts until the debt has been discharged. If any of your debts were not discharged in bankruptcy, creditors could continue to collect the debt after discharge.
For example, suppose you file for Chapter 7 bankruptcy while you still owe debt on your mortgage. The automatic stay will pause all payments and collection attempts from your mortgage lender. Once your debt is discharged, your mortgage debt collector can resume debt collection. This gives debtors time to get their finances on track and prevent foreclosure or car impoundment.
Seeking Legal Guidance
Bankruptcy is a debt solution that has helped millions of individuals across the country. If you want to achieve financial relief, our team at Jackson & Oglesby Law LLC is here to help you. Our Indianapolis bankruptcy attorneys can explain your options and guide you through the debt relief process. We answer your questions regarding bankruptcy and the automatic stay. Get our team’s knowledge, skills, and experience on your side. We are an experienced debt relief agency that can help you get the fresh financial start you deserve!
Contact our Indianapolis bankruptcy lawyers today at (888) 713-5148 to schedule a consultation!