What Happens After Filing for Bankruptcy?
Bankruptcy is a legal process that allows individuals or businesses to reorganize or liquidate their assets to repay debts.
After someone files for bankruptcy, an automatic stay goes into effect. This means that creditors are prohibited from trying to collect debts from the debtor. The stay gives the debtor time to catch up on missed payments or develop a repayment plan.
Creditors may file a motion to lift the stay if they feel that the debtor is not making a good faith effort to repay the debt. If the stay is lifted, creditors can resume collection activities, such as wage garnishment or foreclosure.
The bankruptcy process can be complicated and confusing, so it's important to seek out experienced legal help if you're considering filing for bankruptcy.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706