What Does the Automatic Stay Stop?

What Does the Automatic Stay Stop?

Generally speaking, the automatic stay stops foreclosures, repossessions, lawsuits, wage garnishments, and tax levies. The automatic stay is a legal provision that takes effect automatically when an individual or business files for bankruptcy. It is designed to...
Can a Business File for Chapter 7?

Can a Business File for Chapter 7?

Yes. Businesses can also file for Chapter 7 bankruptcy relief. A corporation does not receive a discharge but the business can shut down, turn over its records to a bankruptcy trustee and not have to deal with creditors, pending lawsuits, or collection actions.  Sort...

What is Chapter 7 Bankruptcy?

This is post 1 of 1 in the series “Chapter 7 Bankruptcy” Chapter 7 is a type of bankruptcy that offers individuals a fresh financial start by discharging many unsecured debts (such as credit card debt, medical debt, pay day loans, personal guarantees, and...