Read More from: Davis Polk Briefing: Governance
Read More from: Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney
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An injunction [i.e. court order] that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Read More from: Young, Klein & Associates
You’ve got to know when to hold ‘em, know when to fold ‘em; know when to walk away, know when to run...So goes the gambler’s advice to the young card player in the hit Kenny Rogers song. Hum along as we think about how we play our cards when we’re in debt: the hardest call is to know when to fold and file for bankruptcy. Do you play a bad hand With few exceptions, everyone wants to repay the debts they consider legitimate. Paying your debts fits our self image and our values. We make heroes of people who’ve scrimped, worked two jobs, gone without, to pay their debts in full. Congress in 2005 made much of taking “personal responsibility” for your debts. The pro creditor Congressmen cast bankruptcy as the choice of those unwilling to shoulder the consequences of their actions. Those peddling credit shout that bankruptcy will cripple you in the credit market til the end of time. If you’re in debt, it’s hard to know how sort your choices and to know which to discard and which to hold on to. No one talks about the big picture cost of that strategy. No one talks about those whose bull headed commitment to payment blinded them to other needs and other financial threats.
Read More from: Northern California Bankruptcy Lawyer
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