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How does the automatic stay protect creditors and debtors?

Roths Child Law

Filing for bankruptcy is a significant decision that can be simultaneously stressful and a source of relief for those who choose this path. When someone files for bankruptcy, an essential provision called the automatic stay comes into play. This turn of events is fundamental to the bankruptcy process.

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What Can I Do About Creditor Harassment?

Sawin & Shea

After you file for bankruptcy, it is illegal for your creditors to continue contacting you and asking for payments. If a creditor breaks the law, you can contact a lawyer to pursue a case against them. Here is a closer look at how you can take action against creditor harassment. Finally, you can have some peace!

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Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2020

In the Red

Each year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of federal judges, bankruptcy attorneys, and others. The rule amendments are ultimately adopted by the U.S.

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Filing Taxes After Filing for Bankruptcy

Sawin & Shea

Filing your taxes and filing for bankruptcy are two things that can be confusing and challenging on their own. When you put the two together, it can cause debtors even more stress. Bankruptcy lawyers are important to work with when you file for bankruptcy, but they can be helpful and offer guidance even after you’ve filed.

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The Dangers of Hiding Assets in a No Asset Bankruptcy

Sawin & Shea

There are two primary types of bankruptcies that a person might file when struggling to pay their debts: Chapter 7 and Chapter 13. In a Chapter 13 bankruptcy , the debtor agrees to a payment plan instead of having their property taken to pay creditors. Nonexempt assets can still be used to pay creditors.

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Florida Bankruptcy Court Sanctions Debt Buyer for Seeking to Collect Debt that Consumer Failed to Schedule in Bankruptcy Case

Troutman Sanders

The debt purchaser in In re McIntosh argued that because it was enforcing a debt that was not listed correctly on the debtor’s bankruptcy schedules, it was entitled to assume the debt had not been discharged. As background, in 2002, the debtor and her then-spouse jointly filed a “no asset” Chapter 7 bankruptcy petition.

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How does the automatic stay work in bankruptcy?

Roths Child Law

These creditors often use multiple ways to contact the debtor to demand payment. For a person who has too many debts and not enough income, filing for bankruptcy is one option they have to reclaim their financial future. One of the benefits of filing for bankruptcy is the automatic stay. What is the automatic stay?