BANKRUPTCY VIDEOS
- Introduction to Bankruptcy
- Types of Bankruptcy
- Limits of Bankruptcy
- Filing for Bankruptcy
- Meeting of Creditors
- Bankruptcy Court Hearings
- The Bankruptcy Discharge
- The New Bankruptcy Law
- The Credit Damage Myth
- Chapter 7 Bankruptcy Explained
- Chapter 13 Bankruptcy Explained
Blog
- Will Filing Bankruptcy, Cause Me To Lose My Recreational Vehicle(s)?
- Am I Better Off Trying to Work with a Credit Counseling Agency?
- Will I Loos My Retirement Account If I File Bankruptcy?
- Will Filing Bankruptcy Ruin My Credit?
- Will The Bankruptcy Trustee Take All My Belongings?
Assuming you own the recreational vehicle free and clear or have substantial equity in it, the answer as to whether you will be able to keep it depends... Read more
Honestly, I cannot think of any situation where working with a credit counseling agency would be better than filing bankruptcy. I would suggest pursuing... Read more
In nearly all bankruptcy cases, you will not lose your retirement account. The bankruptcy code specifically provides certain exemptions. These bankruptcy... Read more
The truth is, if you are contemplating filing bankruptcy, the chances are your credit has already been ruined. Bankruptcy will negatively affect your... Read more
The answer to this is absolutely not. The government views bankruptcy as a way to give citizens a fresh start. It does this by eliminating debt legally... Read more
How Bankruptcy Law Protects You
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Stop Law Suits
If you are being sued, the Automatic Stay will stop/stay the law suit in its tracks. The law suit cannot go forward unless the creditor gets permission from the Bankruptcy Court to resume the law suit. In most cases, the law suit ends up being wiped out in the bankruptcy.
Only in rare instances will the Bankruptcy Court ever give permission for a creditor to resume a law suit. For example, if the case against you is based upon fraud, then the creditor may be able to get the stay against the law suit lifted. Otherwise, it will remain in affect.
If the law suit against you is based upon a contract, such as a credit card agreement or auto loan, the stay will not be lifted and the law suit should ultimately be dismissed. This means the underlying debt/contractual obligation will go away because it will discharged in the bankruptcy.