The Mortgage Bankers Association has reported that the delinquency rate and foreclosure rate have increased dramatically in the past few years. In fact, foreclosure incidences have increased 49 basis points from one year ago on a non-seasonally adjusted basis. With foreclosures rising and the real estate market in trouble, it is important for homeowners to protect themselves in the case of bankruptcy. An automatic stay can strongly protect a homeowner from various troublesome consequences. For instance, an automatic stay immediately stops all lawsuits filed by creditors or collection agencies. Automatic stays prevent utility disconnections for up to 20 days, temporarily prevent foreclosures and evictions, prevents overcollection of benefits and stops multiple wage garnishments.
The automatic stay as it pertains to bankruptcy is serious business and protects debtors from serious violation by their creditors. Lawyers for debtors can also help to protect the assets of a bankrupt person by utilizing the time benefits of automatic stays. The postponement of collection often gives attorneys the ability to correctly determine out what is owed and what isn’t.
In this way, people who file for bankruptcy are protected from a myriad of legal issues. Maryland residents at risk of bankruptcy or foreclosure can secure an automatic stay by hiring a reputable Maryland bankruptcy attorney or Maryland foreclosure attorney. Washington D.C. residents may do the same, acquiring a qualified Washington DC Chapter 7 attorney to draft an automatic stay.
Maryland bankruptcy attorneys are familiar with the specific legal language necessary to acquire an automatic stay. These lawyers specialize in interpreting Chapter 7 and Chapter 13 bankruptcy laws and can secure automatic stays for people who really need them. A person who is at risk for bankruptcy must acquire a strong Maryland bankruptcy lawyer to protect his or her assets.
Homeowners sometimes simply need a little more time to make crucial payments to creditors. A good foreclosure attorney can protect a homeowner’s assets so that the homeowner has the time to make appropriate payments. Maryland homeowners must select a Maryland foreclosure attorney with expertise in automatic stays so that they can properly execute an automatic stay.