The “automatic stay” is a very important (and beneficial) bankruptcy concept for any Connecticut residents to understand if they’re contemplating bankruptcy. It’s essentially like calling a time-out in your financial affairs.
Perhaps an easy way to think about it is, the moment you file for bankruptcy, the automatic stay goes into effect “automatically” and it means that all of your assets “stay” right where they are and no creditors are allowed to contact you in an attempt to collect payment. The automatic stay remains in effect for the duration of your bankruptcy case.
But perhaps a better (and more entertaining) way to understand it is simply to look at this BAPCPA Man cartoon from the creators of the Bankruptcy Bill site (http://bankruptcybill.us).
Note: This BAPCPA Man cartoon image is being used on the ConsumerBankruptcyTips blog with the express permission of the creators of BAPCPA Man. Unauthorized use of the cartoon is prohibited.
If you’re a Connecticut resident facing financial hardship and looking for answers, or if you’re contemplating a bankruptcy filing in Connecticut, please get in touch for a free initial consultation.
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