FINANCE LAW FAQ

When you file for bankruptcy, an “automatic stay” goes into effect. The automatic stay prohibits virtually all creditors from taking any action to collect, unless the bankruptcy court lifts the stay and lets the creditor proceed with collections.”

Generally, after a debtor files for bankruptcy, a creditor may not attempt to collect the debts outside of the bankruptcy proceedings. Similarly, once a piece of property becomes subject to the bankruptcy proceeding, the debtor may not transfer it. In fact, some transfers, liens, or secured interests that occur prior to the proceedings may also […]

A lawyer is not absolutely required, but since bankruptcy is a serious matter that will have an impact on your financial future for years, hiring a lawyer is strongly recommended. You can file for bankruptcy without a lawyer simply by going to the clerk of your local federal bankruptcy court and asking for the appropriate […]