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

Power of Attorney http://bucket.wistia.com/medias/hueof0f18f?embedType=async&videoFoam=true&videoWidth=640 What is a power of attorney and how does it work? To keep a board game running while one player takes a break, that player could say to another 'roll the dice and move for me.' They are granting the s...
What is an S Corporation? http://bucket.wistia.com/medias/qpx4u23vle?embedType=async&videoFoam=true&videoWidth=640 In US law, corporations are organizations authorized to act as a legal entity. US and state tax laws allow a special 'S Corporation' tax status that changes how corporate taxes are handled. The governm...
Why Buying Title Insurance Isn’t like Buying Shoes Online Let’s say you own an e-commerce shoe store... Let’s say you own an e-commerce shoe store. Tracking how many people purchase the shoes from your online marketing is pretty simple. A certain number of people view your ad (online marketing), some of them click on the ad, some of those people add the s...
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