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Bankruptcy and the Automatic Stay Will Stop Crazed Creditors

In today’s economy many people are facing the facts that filing bankruptcy will be in their future. Most Americans are having a tough time making ends meet and are tired of being bombarded by calls from their creditors. Let’s just take a look at some of the facts. In a Wall Street Journal poll only 28% of Americans believe the US is moving in the right direction. Followed up by that, back in 2008 53% of Americans consider themselves to be middle-class and now in 2014 that number is down to 44%. Over the last three years, it’s an alarming fact that 46.5 million Americans are now living in poverty. While the main stream media is claiming recovery of the average gas price has gone from $1.85 a gallon, up to $3.27. Now that the US is no longer an export leader, our trade deficit is $300 billion. That fact alone should show that unemployment is nowhere near 6.7%. Big business has moved offshore and with it has taken it’s jobs. When people wonder why so many people are considering filing bankruptcy it doesn’t take a rocket scientist to figure it out.

When someone is living paycheck to paycheck, sometimes bills get passed up and the person starts to get further and further behind. Once a person start sliding down the slope, it’s tough to get caught up again and put on track, especially if they don’t make enough money. When the wheels start to fall off, people in this situation should consider consulting a bankruptcy attorney about filing bankruptcy. Consulting a bankruptcy attorney doesn’t mean you need to file immediately, but sometimes this meeting will be a reality check for the person financially in distress. The attorney will explain all of the pluses and minuses of the process and will definitely explain the power of the automatic stay. Other forms of debt elimination have their benefits but because of the automatic stay and its power to protect the individual, nothing compares.

The best thing about filing bankruptcy is stopping the creditors in their tracks. Filing bankruptcy uses the power of the automatic stay to stop all collection activity against the debtor. The automatic stay is so powerful it also stops all legal activity against the debtor. The automatic stay will stop foreclosure, lawsuits, judgments and wage garnishments. If the creditor decides to continue to call the individual after the bankruptcy petition is filed, the bankruptcy attorney can file a motion with the court to get sanctions against a creditor that feels the need to continue violating the automatic stay. Sometimes it’s just a mistake and the calls will stop immediately, but sometimes creditors just won’t give up and need to be put into place. This is the reason why filing bankruptcy surpasses all other forms of debt elimination. Using the US legal system puts teeth to stopping aggressive creditors. After filing bankruptcy, the individual enjoy the quietness of no longer worrying about picking up the phone to a creditor berating them.

As the global economy continues to swirl the toilet bowl, creditors are becoming alarmingly aggressive in their collection tactics. It’s almost that there is a sense of lawlessness in the banking industry. The collectors are obviously doing nothing more than what they are told to do as their bosses continue to deny it. The only thing that will stop this is to have the American consumer stand up and fight. There are laws to protect consumers from these collection tactics and they go unreported the behavior will just continue. Bankruptcy puts the power back in the hands of the consumer that is having financial difficulty.

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