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.
Latest posts by TitleTap (see all)
- Podcast: Ep. 13: Marketing Strategies for Title Companies with Dean Collura of TitleTap - June 29, 2020
- PropLogix Webinar: SOCIAL MEDIA MARKETING FOR CLOSING AGENTS - June 11, 2020
- 7 Best Solo & Partner Law Firm Website Examples - May 29, 2020