The stay begins automatically and immediately upon
the filing of a bankruptcy case.
The tax debtat issue has been assessed by the taxing authority for more than 240 days prior to
the filing of the bankruptcy case (federal taxes are usually assessed within 6 weeks of the filing of the return, the States vary);
And since filing a bankruptcy case, or filing to sign a reaffirmation agreement following
the filing of a bankruptcy case is not grounds for a mortgage lender to start a foreclosure, the non-signing client really doesn't face the same risks that a non-signing client does with a car loan.
When replacement value is required, it means the replacement value, established after reasonable inquiry, as of the date of
the filing of your bankruptcy case, without deduction for costs of sales or marketing.
The automatic stay is self - executing, effective upon
the filing of the bankruptcy case and requires that all collection calls, lawsuits and garnishments must stop immediately.
However, our commitment to our clients does not stop at
the filing of their bankruptcy case.
A debtor must file a certification that states the debtor completed consumer credit counseling within 180 days of
the filing of the bankruptcy case unless the debtor is exempt from the requirement to take the course.
In chapter 7 cases,
the filing of a bankruptcy case at least postpones any type of foreclosure proceeding.
The automatic stay is created immediately upon
the filing of your bankruptcy case, whether it be a Chapter 7 or a Chapter 13 case.
Current monthly income is defined in 11 U.S.C. § 101 (10A) as the monthly average of the income received by the debtor (and the debtor's spouse in a joint case) during a defined six - month time period prior to
the filing of the bankruptcy case.
1 / 60th of all secured debt that will become due in the five years after
the filing of the bankruptcy case,
Additionally,
the filing of a bankruptcy case will freeze / pause any divorce action.