How can filing bankruptcy protect my assets?Upon the filing of a bankruptcy petition all actions against the debtor must cease/stop immediately. When I use the term immediately, I don’t mean within the next week or month. I mean the exact moment that the debtor files for bankruptcy, the exact date – hour – minute. Bankruptcy is extremely time sensitive and clients should alert their attorneys of any pending law suits, wage garnishments, foreclosures, vehicle repossession, etc. If you file a bankruptcy petition, one minute before a Sheriff’s sale, wage garnishment, foreclosure, vehicle repossession, you will stop the action. You will receive bankruptcy protection immediately. Bankruptcy protection will stop your assets from being seized.
- If you receive a notice that your vehicle will be repossessed, the filing of an immediate bankruptcy petition will legally prohibit that creditor from picking up your car at that time.
- If you receive a notice that you are being sued by a credit card company or another creditor and the trial date is the next day, filing an immediate bankruptcy petition will stop that action and you will not have to appear in court.
- If you find out that a creditor seized funds from your bank account, filing an emergency bankruptcy petition will allow you to retrieve the money involuntarily taken by a creditor shortly before bankruptcy.