When an individual seems to be struggling financially with no end in sight, they may want to consider filing for bankruptcy. There is often an unfortunate stigma against bankruptcy and it is seen as a last resort. However, bankruptcy doesn’t have to feel that way. It should really be viewed in a positive light, as it allows for an individual to get a fresh start on their financial future and work towards success in the long run.
One of the most stressful parts of not being financially secure is that debtors are frequently contacted by lenders who are requesting payments. Some debtors feel as though they are being harassed at home and at work about their outstanding payments. Luckily, the bankruptcy court recognizes how stressful this is for an individual who is trying to make ends meet and has implemented what is known as an automatic stay. The automatic stay goes into effect as soon an individual files for bankruptcy. This requires all creditors to stop contacting the debtor immediately and can even stop a foreclosure in its tracks. The automatic stay is one of the biggest benefits of bankruptcy, as it provides instant relief and it can allow an individual to spend the time they need figuring out their finances without being bothered by the lenders.
If you have questions, contact our firm today.
The Law Offices of George Poulos is an experienced Workers’ Compensation, personal injury, bankruptcy, and Social Security Disability law firm with offices in Queens and the Bronx. If you require strong legal representation, contact our firm today to schedule a free consultation.