Texas residents may file for personal bankruptcy as either a Chapter 7 or a Chapter 11 petition. When considering a bankruptcy filing, it may help to understand some of the differences between the two petitions. Individuals experiencing a sudden job loss or a...
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Personal Bankruptcy
What is the automatic stay in bankruptcy?
When you file for Chapter 7 bankruptcy, the court issues an order called an automatic stay. This order, according to Findlaw, stops all collection actions against you, including lawsuits. The automatic stay is one of the first benefits you receive from filing your...