Don’t jeopardize an indispensable benefit of filing bankruptcy–immediate protection from your creditors.
“Endangerment of Property” and “Illegal Use of Controlled Substances”
A landlord can take back possession of a rental quickly if you’re endangering the rental or illegally using a controlled substance there.
The Residential Eviction Exception
Filing bankruptcy can stop an eviction, unless the landlord has already gotten a judgment of possession. Don’t wait–timing is crucial.
The Tax Exceptions
In spite of you filing bankruptcy, the taxing authorities can still take certain very specific actions as exceptions to the automatic stay.
The Family Law Exceptions to the Automatic Stay
Even if you file bankruptcy, certain actions can still be taken against you in divorce court, or about family law matters.
Automatic Stay Exceptions
The “automatic stay” immediately stops most collection actions by most creditors when you file bankruptcy. But here are some key exceptions.
Providing a Creditor Adequate Protection
To keep possession of your property that is collateral on a secured debt, you need to give the creditor “adequate protection.”
Final Reasons for Relief from Stay
A creditor might want to pursue your co-debtor, protect itself from violating the stay, or take some other action other than collect money.
Relief from the Automatic Stay to Finish a Lawsuit
A creditor might ask to pursue an insurance-paid claim or to finish a lawsuit determining if you incurred the debt through fraud.
Relief from Stay for Reasons other than Pursuing Collateral
Creditors sometimes have good reasons to ask for permission to finish resolving an ongoing dispute outside of bankruptcy court.
Relief from the Automatic Stay
Creditors sometimes ask the bankruptcy court for permission to take certain collection action against you or the collateral. In our last blog post we talked about the “automatic stay.” It’s one of the most important benefits of filing bankruptcy. It’s certainly the fastest, going into effect immediately when you or your Louisville lawyer files your bankruptcy case. The automatic … Read More
The “Automatic Stay”
You get immediate protection from creditor collections by filing a Chapter 7 case. Same with Chapter 13 except it protects you longer, if needed. The automatic stay is the very strong legal protection from your creditors you receive when you file a bankruptcy case. The automatic stay stops virtually all attempts by creditors to collect their debts against you, … Read More
Writing Off Student Loans from the Closing of ITT Technical Institute
On September 6, 2016 the parent company of 136 ITT Technical Institute branches announced that it was closing. It immediately closed all of its classroom and online instructions across the country. It canceled the academic quarter that was to start on the following Monday, September 12, leaving about 45,000 students scrambling. ITT Tech had two locations in Louisville. One’s … Read More
The Petition and Schedules
The Petition requesting relief and the Schedules of assets, debts, income, and expenses are the key documents filed in your bankruptcy case.