How does bankruptcy protect me from creditors?
Many people wonder how bankruptcy will protect them against creditors when they file for bankruptcy. Many people also wonder when and how these protections will take effect. Both of these questions are excellent and both speak to one of the most fundamental purposes of bankruptcy: to give you, your family, and your loved ones peace of mind about debt, creditors, or their efforts to pursue debts. This can be done in many different ways. The automatic stay protects you from creditors billing or calling you, suing you to collect a debt that was owed prior to the bankruptcy being filed, garnishing your wages or bank account and forcing payments automatically if an ACH or automatic withdrawal was previously set up. The automatic stay offers protection by preventing creditors to bill or call you, from suing you for a debt owed before the bankruptcy was filed, from garnishing your bank account or wages, and from forcing you to make automatic payments, if you had previously set up an ACH or automatic payment to pay the debt. This discharge will permanently remove all personal obligations for the person or people who filed bankruptcy. Following the discharge, creditors will be permanently prohibited from attempting to collect on any of the discharged debts, and these debts will cease to negatively impact your credit score moving forwards.
Bankruptcy can provide assistance to anyone dealing with unmanageable debt in a broad variety of different ways, but first and foremost it exists as a tool to provide peace of mind to those pursuing through the process. The filing of a bankruptcy protects the person who filed it by prohibiting the collection of most debts. In the long run, the bankruptcy discharge will also protect you from these debts as it will eliminate any personal obligations that you may have had at the time of filing. Our firm has extensive experience in assisting people as they pursue the bankruptcy process, and we are here to act as a resource to ensure that they fully experience the peace of mind that it brings.
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