An automatic stay in Chapter 7 bankruptcy is a powerful legal provision that offers several benefits to individuals seeking debt relief. Read on for some of the key advantages to this stay with a bankruptcy filing.
Immediate Relief
The automatic stay goes into effect as soon as a Chapter 7 bankruptcy petition is filed with the court. This provision provides immediate relief by putting a halt to all collection efforts, including foreclosure, wage garnishment, repossession, and creditor harassment.
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