Stop creditor harassments
By Priya Jestin, Staff Writer
One of the best things about filing for bankruptcy is that your creditors will stop harassing you. By law, once you have filed your bankruptcy documents, creditors must desist from any action against you. They cannot initiate or continue any lawsuits, wage garnishees, or even make telephone calls demanding payments. Secured creditors such as banks holding, for example, a lien on a car, will get the stay lifted if you cannot make payments.
Another thing you need to know about bankruptcy is that your spouse will not be affected by your bankruptcy if they are not responsible for any of your debt. And finally, Chapter 7 filings are public records. However, under normal circumstances, no one will know you filed for Chapter 7. The Credit Bureaus will record your filing and it will remain on your credit record for 10 years.