Knoxville Bankruptcy Attorneys Clark & Washington Explain How Being Sued Affects Your Bankruptcy - KALB-TV News Channel 5 & CBS 2

Knoxville Bankruptcy Attorneys Clark & Washington Explain How Being Sued Affects Your Bankruptcy

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According to the Knoxville bankruptcy experts, filing for bankruptcy can have some beneficial effects for your finances and prevent the detrimental results of a lawsuit.

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KNOXVILLE, TN, June 24, 2014 /24-7PressRelease/ -- The Knoxville bankruptcy attorneys at Clark & Washington wish to inform the public about how a lawsuit can affect your bankruptcy plans and how a bankruptcy can affect the outcome of a lawsuit.

If a creditor files a lawsuit against you to collect on a debt that you owe, your bankruptcy plans will not be halted. In fact, bankruptcy can be the remedy you need most. If you file for bankruptcy before your court date stemming from a filed lawsuit or after a judgment has been entered against you for a debt owed to a creditor, your bankruptcy will erase the debt and the judgement against you, provided the debt is one that is dischargeable. This occurs because once you file for bankruptcy, you are protected by an automatic stay.

An automatic stay is an injunction that prevents any creditors from collecting debts from an individual that has declared bankruptcy. The automatic stay goes into effect as soon as you file for bankruptcy. The injunction that is imposed by an automatic stay is not absolute -- it excludes certain forms of debt like child support and debts owed to government agencies for fines. Moreover, if a creditor believes that they have sufficient cause, they can petition the court to lift an automatic stay so they can continue collection attempts.

In some cases, the court will grant this petition, however, the ultimate determination of whether the petition will be granted will depend on the specific facts of each case. Because of this uncertainty, it is always wise to consult with one of the experienced Knoxville bankruptcy lawyers at Clark & Washington.

For more information on how a lawsuit against you can affect your bankruptcy process, visit http://knoxvillebankruptcyattorney.com

About Clark & Washington:

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.Knoxvillebankruptcyattorney.com.

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For the original version on 24-7 Press Release Newswire visit: http://www.24-7pressrelease.com/press-release/knoxville-bankruptcy-attorneys-clark-amp-washington-explain-how-being-sued-affects-your-bankruptcy-387936.php

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