Schreiber Law Office, LLC
Richard M. Schreiber, Attorney
MEMBERSHIPS
MINNESOTA BANKRUPTCY LAW FIRM
THE BANKRUPTCY CODE’S AUTOMATIC STAY PROVIDES INSTANT RELIEF
As soon as a bankruptcy is filed, the “automatic stay” takes effect. Simply put, the automatic stay puts an immediate stop to creditor’s collection
efforts. This includes foreclosures, repossessions, garnishments, utility shut-offs, lawsuits, phone calls and more. The bankruptcy code
has penalties in place for creditors that violate the automatic stay.
(651) 554-0121
If you’re behind on your house or car payment and are being threatened with a repossession or foreclosure,
filing for bankruptcy may be what you need to give yourself some breathing room and keep the property.
There’s a good chance the lender wants several months of back payments now. Filing for bankruptcy does 2
things: It stops the foreclosure or repossession immediately, AND allows you to pay back the missed
payments over time, sometimes up to 5 years!
If you are stuck in a mortgage or car loan and you want to get out of it, you have that option too. You can
choose to surrender the collateral and discharge the loan in the bankruptcy.
Gas and electric shut-offs are also cancelled by filing for bankruptcy, and because there’s no collateral, the
amount owed can be discharged in the bankruptcy.
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Schreiber Law Office, LLC
5826 Blackshire Path, Suite 108, Inver Grove Heights, MN 55076
1303 S. Frontage Road, Hastings, MN 55033
(651) 554-0121