Declaring bankruptcy can be a complex but necessary step for individuals, businesses, and organizations in order to protect their financial assets and their stability. One way that filing for bankruptcy under chapter 7, 11, or 13 helps to protect a person or company from creditors is through the instant protection of an automatic stay. Upon filing a petition for certain chapters of bankruptcy, a notice is distributed regarding the petitioner's status which prevents creditors from moving forward with actions against that person.
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An automatic stay provides a lot of practical protection for the well-being of a person filing for bankruptcy. This type of protection can stop the constant barrage of phone calls from creditors, utility companies, and other financial institutions. A stay gives notice to these types of entities that a petitioner's funds are currently on hold and can not have any action taken against them. This allows you to keep the lights on and keep the phone from ringing while you are preparing your plan for bankruptcy.
An automatic stay prevents a number of different actions from occurring against you as a debtor. This includes the prevention of the disconnection of utilities, foreclosures, or notices of eviction. These tangible reliefs can make the process of returning to solid financial ground a much less stressful process. An automatic stay also prevents attorneys from bringing a suit against you and your funds. Filing for bankruptcy may be a good option for many people looking for relief from the pressure of insurmountable debts and unpaid bills.
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