Many individuals may feel that being subjected to constant collection attempts can be one of the most imposing aspects of dealing with debt concerns. Those who have questions about the best path to take to seek relief from the trials of debt and protection from creditor interactions may wonder if bankruptcy might be just the tool to help achieve such goals. Knowing what bankruptcy might have to offer and some of the protections the automatic stay may provide could help individuals in Ohio prepare to make informed choices about their situations.
Types of protection
According to experts, the automatic stay is a tool that may take effect the moment a person files for bankruptcy. This tool may provide various types of protection, one of which could include stopping creditors from contacting the debtor. Should a person continue to receive collection calls or letters, it may be helpful to seek advice on how best to respond to similar bankruptcy law violations.
There may be some scenarios in which the automatic stay could also stop foreclosure or eviction proceedings. However, experts also state that there may be some instances in which creditors may retain the right to petition for the lift of a stay. It may also be helpful to note that there are some scenarios in which the automatic stay might not persist through every step of a bankruptcy, such as a situation in which a person files for bankruptcy more than once in a single year.
Is bankruptcy the best path?
Knowing what to expect regarding the automatic stay may be just one example of a factor to address when determining if bankruptcy might be a viable path in one’s situation. Those who face high debt concerns and wish to seek much-needed financial relief might consider speaking with a bankruptcy attorney for guidance in addressing their questions and concerns. An attorney can assist a client in choosing the path for relief that best meets his or her goals and needs and guide through every stage of this process.