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.
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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.