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Bankruptcy and the Automatic Stay: How It Works Portsmouth VA

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Bankruptcy and the Automatic Stay: How It Works

The automatic stay is a powerful tool in bankruptcy that provides immediate relief to debtors. Here's a quick look at how it works:
1. Instant Protection: When you file for bankruptcy, the automatic stay goes into effect immediately, halting most creditor actions.
2. Creditor Restrictions: Creditors cannot continue collection efforts like calls, lawsuits, or wage garnishments during the stay.
3. Breathing Room: The automatic stay offers a breather, giving you time to work on your financial situation and discuss repayment options.
4. Exceptions Apply: Some actions, like child support proceedings or criminal cases, are not affected by the automatic stay.
Understanding the automatic stay's protection is a key benefit of bankruptcy, offering much-needed relief to debtors seeking a fresh start.
For More Information and a FREE Bankruptcy Consultation, please call (757) 482-5705 or visit us online at www.DebtFreeVA.com

Bankruptcy and the Automatic Stay: How It Works Portsmouth VA

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