All of us have seen the meme of Michael Scott yelling “I Declare Bankruptcy”. The office is a hilarious sitcom and it provided us with this gem in the fourth season episode titled “Money”.
But how does one actually file for bankruptcy? Unfortunately, you can’t just yell it out.
You need to file a document to initiate bankruptcy. This document is called a Bankruptcy Petition and it contains basic information about the person who is filing for bankruptcy. It can include their name, address, amount of debt, chapter filing, previous filings, business names and other information.
When you file a petition, it opens up a case and an automatic stay goes into effect. The automatic stay is a legal protection that prohibits creditors from continuing any collection activity. Thus, creditors can no longer call, write, sue, garnish, repossess, foreclose or take any other action to collect the debt.
If you need to file bankruptcy, don’t just yell it out. Call a Jackson, MS bankruptcy lawyer at The Rollins Law Firm.
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