Ins and Outs of the Automatic Stay in Bankruptcy

The ins and outs of the automatic stay in bankruptcy involve actions that can stop creditors from pursuing debts.

Prior to filing for bankruptcy many individuals will have creditors calling and demanding payment. The creditors you may owe money to will threaten you with legal or collection action.  Filing for bankruptcy creates an automatic stay which puts a temporary halt on the creditors’ collection attempts.

Winter Park, Florida, bankruptcy attorney Roddy Lanigan and Eric Lanigan explain to their clients that an automatic stay doesn’t apply to all creditors. There are certain creditors who will still be able to attempt to collect on what is owed.

Other creditors will be able to go to the judge to have the stay lifted as it pertains to the debt owed to them. It is important to know how the automatic stay can affect you and your creditors and when you work with the Lanigans, they walk you through the ins and outs of Chapter 7 bankruptcy, Chapter 11 bankruptcy and Chapter 11 bankruptcy where this situation will arise.

During the bankruptcy process it is important to have the right legal counsel to assist you. The attorneys at the Orlando area law firm of Lanigan and Lanigan can guide you through the bankruptcy process.  They have assisted many individuals like you with bankruptcy and foreclosure issues.

Contact Central Florida attorneys Eric Lanigan and Roddy Lanigan with any legal issues you may have.