When a person or business concludes that meeting their debts is not realistic, they may file for bankruptcy in Federal Bankruptcy court. A bankruptcy filing places an automatic stay on debt-related actions and judgements, including wage garnishment — court-ordered seizure of part of someone’s wages. This temporary stay of financial actions — before the case is actually settled — is the accurate meaning of ‘bankruptcy protection.’ Bankruptcy protection gives the debtor immediate relief from actions, and protection of their assets while the case is being decided. Owed parties cannot start, enforce or appeal actions. The automatic stay generally continues until the case closes, or the debtor receives a discharge. As bankruptcy is Federally administered, bankruptcy protection is very powerful.
 

TitleTap

TitleTap

TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
TitleTap

Related Post

Real Estate Agents Are Mobile You may have noticed but real estate agents are mobile.  They check email from a laptop in a coffee shop, tablet on the couch, or their smartphone from the car. ...as a result, the first and easiest way to get app adoption over time is by including the app download link in your (and every employee’s...
How We Got Our First Real Estate Deal From Our Website "We receive compliments regularly on our website and most exciting of all have been receiving orders from it as well." Building a website can be daunting. For most title agents and real estate attorneys, it’s just one more task on top of everything else required to run a successful business. It...
How to Get Business from Instagram Without Even Creating an Account "While reviewing a customer’s social media accounts, we discovered a cool way to utilize Instagram without having to create and manage an account." Recently, a customer noticed that they were getting steady referral website traffic from Instagram. They had never knowingly created an Instagram a...
Don't Go At It Alone. Download The Free PDF!"10 Uncommon Questions to Ask Before Hiring a Web Designer"

All websites are not created equal! Download a free PDF with all of the questions you need answered BEFORE hiring a web designer.

Download Now