The British pop group Modern English had a hit in the 80s which said in part, "I'll stop the world and melt with you ...
" There may come a time when you too will want to stop your world and take a breather.
You need to call a halt to the debt "harassment" you are receiving and take a time out.
Well, that is the kind of relief afforded by a bankruptcy automatic stay.
Literally, the law commands all those with actions against you to take a time out.
It does not matter whether you are being sued for child support, past due alimony, debt, or whatever, court proceedings are brought to a halt for 60 days.
In addition, all debt collection actions against you are also brought to an abrupt stop.
It is as if you have sent all of your creditors to the corner for 60 days.
But be warned.
Even though the law calls this a "cooling off period," you need to take this time to figure out what your next step is.
You may want to proceed with a Chapter 7 bankruptcy or you might choose to go forward with a Chapter 13 action.
You definitely need to decide what to do with your secured creditors.
And here is one very, very important thing you need to keep in mind.
You need to make your next scheduled rent or mortgage payment on time.
The same is true about your automobile or any other secured debt.
If you fail to do this or to obtain some kind of an agreement with your creditor, the bankruptcy judge could "lift the stay" and allow the creditor to repossess the asset or foreclose on your house or evict you from your rental property.
This cooling off period does not mean you can go to sleep! You can stop your world but only for 60 days.