Knowledge About Your Money is Power
One of the main advantages of applying for protection under Chapter 7 is that many creditor actions are stayed. This means that debt collection efforts and foreclosure is stopped.
Once a creditor or collector Bill realizes that they have sought bankruptcy protection, you should make every effort to collect the debt. After its bankruptcy, the court sends a notice to all creditors listed in your schedule. This usually takes a couple of weeks. If this is not soon enough, then you should have your representative inform the creditors immediately. If a creditor continues to use collection tactics once informed of the bankruptcy, you may be liable for court sanctions and attorney fees for this conduct.
After its bankruptcy, the court sends a notice to all creditors listed in your schedule. This usually takes a couple of weeks. If this is not soon enough, then you should have your representative inform the creditors immediately. Your attorney deals with your creditors. It may be the only time I have the luxury of saying “you have to talk to my lawyer”
Disclaimer:
This information relates to Chapter 7 bankruptcy consumer. Each state has its own bankruptcy laws, so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and restructuring of consumer debt is not covered in the above FAQs. The information contained in the following FAQs is provided for general informational purposes and is not intended as legal advice or legal advice or intended to be a complete analysis of all matters related to the area of bankruptcy, Chapter 7 of the consumers. factual situation of each individual is different and you should seek independent legal advice regarding specific information.
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