Comments on: 3 Things That You Must Know About Bankruptcy Stay http://www.debtconsolidationpaydayloan.com/3-things-that-you-must-know-about-bankruptcy-stay/ Debt Consolidation Payday Loans Fri, 06 May 2011 17:48:40 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Sonkar http://www.debtconsolidationpaydayloan.com/3-things-that-you-must-know-about-bankruptcy-stay/comment-page-1/#comment-319 Sonkar Sat, 21 Aug 2010 06:23:14 +0000 http://98.130.27.90/?p=114#comment-319 Wonderful and relevant information! I was not at all aware of all these facts. Normally people think going bankrupt is just declaring or giving a statement that you are unable to pay the debts. But it is good to note that there are legal formalities to it... need to file a petition for it. An automatic stay to protect from all the creditors by restricting them from contacting you but at the same time forcing us to make the repayments of the debts that we owe to them. If we still get collection calls, we can file a lawsuit as a legal right against the debt collectors. We can accuse them of harassing while we have already filed for bankruptcy. Though it is the temporary protection ... at least until the final judgment comes in. Both the creditors as well as the debtors are taken care of by the provision of bankruptcy. It is to make sure that justice is for everyone – whether he is the creditor or the debtors. Wonderful and relevant information! I was not at all aware of all these facts. Normally people think going bankrupt is just declaring or giving a statement that you are unable to pay the debts. But it is good to note that there are legal formalities to it… need to file a petition for it. An automatic stay to protect from all the creditors by restricting them from contacting you but at the same time forcing us to make the repayments of the debts that we owe to them. If we still get collection calls, we can file a lawsuit as a legal right against the debt collectors. We can accuse them of harassing while we have already filed for bankruptcy. Though it is the temporary protection … at least until the final judgment comes in.

Both the creditors as well as the debtors are taken care of by the provision of bankruptcy. It is to make sure that justice is for everyone – whether he is the creditor or the debtors.

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