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Montgomery Bankruptcy Protection: Understanding Automatic Stays
Experienced Bankruptcy Attorneys Serving Montgomery County
If you are a bankruptcy filer and have received a notice of automatic stay, you may be wondering what that means and what it will mean for you and your family. You may also be wondering if you should file for bankruptcy at all. Backus Law Group has the answers you need. With over 30 years of experience, we can help you make informed decisions about your future.
Call (334) 490-6880 for a Free Consultation with Montgomery Bankruptcy Attorneys.
What Is an Automatic Stay?
An automatic stay is a court order that is issued at the time a bankruptcy petition is filed. It is designed to protect you from creditors who may try to take your property, wages, or other assets. An automatic stay is issued by the court and is effective immediately upon the filing of the bankruptcy petition.
Some examples of creditors who may try to collect from you are:
- Creditors for credit cards
- Creditors for medical bills
- Landlords
- Employers
An automatic stay will generally stop all of these creditors from attempting to collect from you. It is important to note that an automatic stay will not stop a creditor who has already filed a lawsuit against you before you filed for bankruptcy.
If you have received a notice of automatic stay, it means that your creditors have been notified of your bankruptcy filing. The automatic stay will prevent creditors from trying to collect from you while your bankruptcy case is pending.
How Long Does an Automatic Stay Last?
Under the current law, an automatic stay will remain in effect until the bankruptcy case is over. This means that an automatic stay will continue to protect you from creditors until the bankruptcy court discharges your debts.
The automatic stay will not last forever, however. If you want to keep it in place, you will need to file a bankruptcy reaffirmation agreement with the court. Reaffirmation agreements allow you to continue making payments on your debt, even after the bankruptcy case is over. This will allow you to keep your property and avoid bankruptcy reform.
Get Help from Backus Law Group in Montgomery
If you have received a notice of automatic stay, it means that you have filed for bankruptcy. You may be wondering what this means for you and your family. Backus Law Group can help you understand the automatic stay and what it means for your future.
Contact Backus Law Group at (334) 490-6880 for Personalized Bankruptcy Guidance.
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