Stopping Creditors with an Automatic Stay in St. Paul, Minnesota
You will be harassed by creditors seeking repayment if you are unable to keep up with your debt. Creditors can be tenacious and unrelenting in their pursuit of payment. The last thing you need is someone hounding you for money. Fortunately, there is a simple solution to stopping creditors’ constant hassling.
Filing for bankruptcy in St. Paul, Minnesota immediately enacts what is known as an automatic stay. This legal status freezes all of your debt and blocks creditors from contacting you. Contact the knowledgeable, experienced lawyers of Solvent PLLC in St. Paul for the bankruptcy solution that is right for you. Our attorneys know financial hardships can be stressful and our top priority is to find the best solution for you and your unique situation.
What is an Automatic Stay?
Stopping creditors with an automatic stay happens as soon as you file for bankruptcy. All of your outstanding payments on debts are halted and you do not need to pay creditors anything. If your financial situation has caused wage garnishment, the automatic stay will halt that process as well.
An automatic stay is applicable to all chapters of the Bankruptcy Code and protects you as an individual filer, you and your spouse if you are filing together, or your business that is going bankrupt.
How Does an Automatic Stay Stop Creditors from Pursuing Your Debts?
Under Section 362 of the United States Bankruptcy Code, once a debtor files for bankruptcy, payments are temporarily paused and creditors are legally blocked from collecting on any debt. Additionally, an automatic stay prevents creditors from taking a debtor to court, and creditors will be stopped from collecting your assets, property, or any other collateral. It is important to note that certain debts are not paused by the automatic stay, such as child support or outstanding taxes owed to the IRS.
Collection agencies use ruthless tactics, such as:
- Vehicle repossession
- Home foreclosure
- Wage garnishment
- Utility disconnection
- Creating or enforcing a lien against your property
Let the attorneys at Solvent PLLC in St. Paul, Minnesota help you enact an automatic stay to get hassling creditors off your back.
Contact Bankruptcy Law Firm Solvent PLLC in St. Paul, Minnesota Today
The bankruptcy lawyers at Solvent PLLC take the time to get to know you and your personal or business situation. Our objective is to deliver individualized service to help you escape the merciless hounding of creditors and provide financial guidance to help you get back on your feet after bankruptcy. Solvent can help you determine which chapter of bankruptcy to file and guide you in every step of the process. Let go of the stress of debt, call today to get started down the road to financial freedom.
