It was in October of 2005 that amendments to existing Indiana bankruptcy legislation made things a lot more complex but was rational and sensible nonetheless. The law which was introduced in 2005 was known as the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005.
As the name suggests, this law was introduced in order to prevent people from filing for bankruptcy with the sole reason of evading from their debts and financial responsibilities.
The new laws that were brought forward as part of BAPCA essentially brought in multiple hurdles and tests which an individual would have to face and pass before they became eligible to file for bankruptcy. This was a kind of filtering system which was to ensure that only those who legitimately need to file for bankruptcy can do so.
The test, which is basically a mandatory credit counseling briefing would have to be undertaken prior to filing for bankruptcy for most people and also a debtor education course would have to be completed before the applicant could be relieved or discharged of his or her debts courtesy of bankruptcy.
Either way you may still need legal help in this process. If you pass these hurdles and are able to file for bankruptcy, then you are in the right place. We have a legal pro for you. USAttorneys.com has helped many people out and will continue to do so. Our service is free.
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Automatic stay refers to the fact that once you have filed for and acquired bankruptcy your creditors are legally obligated to stop all collection efforts from you. This means that they can no longer send you notices and letter asking you to pay up, they cannot repossess your home, car or any other property and cannot file suit against you. They also cannot garnish your income or levy your bank accounts.
Automatic stay basically prohibits creditors from taking any action against you in order to recover the debt that you owe them once you file for bankruptcy relief.
There are certain circumstances wherein automatic stay will serve to stop all emergencies, these are:
- Foreclosure – The legal process of a creditor repossessing a debtor’s house and then selling it and collecting the money from the sale in order to compensate either fully or partially for the debts owed.
- Utility shut-offs – If your utilities (water, electricity, natural gas) and so on are on the verge of being shut off or have already been shut off then the automatic stay will basically mean that the utility company has to continue providing you with utilities or restart the service if it was already shut off.
- Repossession – If a creditor has repossessed your house or car or any other property for that matter then automatic stay will basically reverse this and you can retain ownership or your property.
Other areas where an automatic stay will help the claimant are:
- SSI/food stamps/public benefit overpayments
- Tax levies
However the following cannot be stopped by automatic stay:
- Criminal proceedings
- Support actions
- Domestic violence
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At USAttorneys.com, you can find the most competent bankruptcy lawyers in Indian to handle your case. We urge you to explore the interactive map of Indiana which is available on our website or use the local lawyers’ directory to gain access to the contact information of some outstanding legal counselors in this realm in your county.
You can call them as soon as possible and get your case started. It is just a matter of a few clicks so you can be set down the right legal path and begin to get yourself back on track to reaching your fulfillment in life.
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