Debunking Bankruptcy Myths and Stopping Lawsuits Cold with Sevan Gorginian
Key Takeaways
Immediate Trial Stays: Bankruptcy triggers an automatic stay that instantly halts pending lawsuits, foreclosures, wage garnishments, and collection actions, even if filed the morning of a trial.
Store Credit Card Liens: Retail credit cards from stores like Best Buy or Home Depot frequently attach Purchase Money Security Interest (PMSI) liens to purchased goods, meaning the creditor retains a security interest in those items until the balance is paid off.
Limited Scope of Protection: Filing personal bankruptcy only protects the specific filing individual or entity. Co-signers…
The skinny
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