Your debts can quickly get out of hand and you can end up in a financial emergency situation. Perhaps your utilities are going to be cut off, or there is a threat that your wages are going to be garnisheed. You want to contact an Springfield bankruptcy attorney for help, but you think it may be too late. This is where an automatic stay can be beneficial. Your lawyer will file for your bankruptcy and any pending legal action against you regarding your debt will come to a halt. For this reason this procedure is a very important procedure to be implemented during a financial crisis where there are no other solutions.
Stop The Cycle
Some people believe that this is easily implemented and will attempt to proceed with their own bankruptcy action. It can be complex and confusing, and as a result the automatic stay is not implemented. There are bankruptcy attorneys who specialize in this area of the law and they know how to get things moving quickly. Your creditors are not going to be sitting patiently waiting for their money, so it is highly important that when you get to the point of no return in solving your financial matters, that you take the proper steps immediately to find some type of relief. Your only recourse may be bankruptcy. This is not something most people like to do, but because of circumstances beyond their control they have no choice. The government understands that these types of financial situations can arise, and that is why they have instituted relief for an individual who could stand the risk of losing everything they have at the hand of the creditors.