How Can Bankruptcy Stop My Repossession?
Posted By
Majed on Nov 16, 2011 7:00am PST
When a debtor files for Chapter 7 or Chapter 13, his creditors are prohibited by law to attempt to collect debts from him. This is called the automatic stay. If you are currently facing repossession of your vehicle or home and you file for bankruptcy, the loan company will be prohibited from contacting you in any debt collection attempts for a period of time. This includes phone calls, letters and physical repossession.