A creditor is one who owes money from you and if you have stopped making payments he may choose to take some form of legal actions against you. Taking legal action against you means to sue you in the court of law to obtain a decree against you. After the judgment has been declared the creditor has the power to seize your assets, freeze your bank account and garnishee your wages.
1. Stop a wage garnishment before it has been issued.
2. Stop a creditor from freezing your bank account or seizing your assets.
3. Helps avoid a legal threat to you and your family.
4. Helps to maintain a certain baseline as your house and cars get protected in most of the cases.
In case if you fail to work out a payment plan with your creditors, you can consult with a licensed bankruptcy lawyer. Only a licensed trustee can file personal bankruptcy for you. Once the stay order comes to affect your creditors can no longer continue or start fresh any legal action against you. However, there is never a stay of trials related to the enforcement of family support.
Filing personal bankruptcy will not stop your compulsion to pay child support or alimony. If you have fallen behind your payment and are feeling stressed about your creditors talk to Long Island Bankruptcy Lawyer about your debts. Filing bankruptcy can protect you from unsecured creditors but not from secured creditors.
