There are few things in life as hideous and stressful as debt and its associated troubles. Many people are kept awake at night worrying about their finances and how they will deal with the money they owe. This is often made significantly worse by calls from debt collectors demanding payments you simply do not have the money for. How can you give someone money you do not have? If you have reached a point where you are now even too scared to answer your phone, then you really are in too deep.

But what few people know is that bankruptcy, if you are considering it, has a provision that can stop the hassle immediately. No, it’s nothing extreme and it certainly is not permanent, but it can be a real help! This is the bankruptcy automatic stay, which, the second you file your bankruptcy with the courts, goes into effect. And we mean by “goes into effect,” is that from that moment, your creditors are not permitted to even contact you. Ignoring this regulation will result in your creditor having substantial fines to pay and a judge to answer to! In addition to that, the bankruptcy automatic stay also halts any foreclosures, repossessions, evictions, IRS seizures and wage garnishments.

What it is worth noting however is that the creditors are entitled to request that the judge gives the go ahead for a foreclosure to proceed anyway. But you can sometimes stop this yourself by putting forward a realistic and reasonable payment plan.

Essentially, the bankruptcy automatic stay was put in place to give you breathing space and to eradicate one of the worries (constant debtor hassle) while you undergo an already stressful process of declaring bankruptcy. And this provision could be just what you need to be able to get a good night’s sleep again!