The Automatic Bankruptcy Stay

When you have been consistently bombarded by collection efforts, there comes a point when you simply want the distressing assault to stop. If your current financial situation does not permit you to make satisfactory payments or to establish satisfactory payment arrangements with your creditors, then it may be in your best interest to consider filing for bankruptcy protection. Depending upon the type of bankruptcy that you seek, there are different requirements to file and effects that a filing will have on your immediate and future debt circumstances.

There is a great deal of misinformation circulated about bankruptcy, much of it motivated by gossip and the work of creditors. Make sure that you get the facts before you make important decisions about your financial future. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494. Our skilled and experienced attorneys can help you to better understand the implications of your actions

What the Bankruptcy Stay Means for You

One of the most immediate effects of filing for bankruptcy is that most collection efforts are compelled to cease. This is referred to as an automatic stay, and it is granted under the presumption that an individual or corporate interest that is filing for bankruptcy protection is both functionally bankrupt and meets the requirements. As the case is further reviewed, it may be dismissed or otherwise amended in a manner that enables some collection efforts to resume.

In general, an automatic stay means that:

• Wage garnishments are immediately terminated
• Collection letters and calls must be stopped
• The IRS cannot seize your property or assets and may not file a tax lien

Contact Us

There is no need for you to subject yourself to the ongoing stress of unmanageable debts. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494.