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In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, [1] the stay begins at the moment the bankruptcy petition is filed. Secured creditors may ...
The automatic stay in bankruptcy is the result of Section 362 of the Bankruptcy Code that requires all collection proceedings to stop. There are exceptions, of course, but generally this is the term for the "relief" from collection proceedings a debtor receives by filing the bankruptcy with the bankruptcy clerk's office.
Title 4 - Flag and Seal, Seat of Government, and the States; Title 5 - Government Organization and Employees; Title 6 - Domestic Security; Title 7 - Agriculture; Title 8 - Aliens and Nationality; Title 9 - Arbitration; Title 10 - Armed Forces; Title 11 - Bankruptcy; Title 12 - Banks and Banking; Title 13 - Census; Title 14 - Coast Guard; Title ...
Bankruptcy Code Section 362(k) authorizes the imposition of punitive damages for a willful violation of the automatic stay. In determining whether to impose punitive damages, several bankruptcy ...
An automatic stay prevents creditors from pursuing collections against you during bankruptcy. Both Chapter 7 and Chapter 13 bankruptcy have automatic stays that last anywhere from 30 days to five ...
Bankruptcy Code § 362 [28] imposes the automatic stay at the moment a bankruptcy petition is filed. The automatic stay generally prohibits the commencement, enforcement or appeal of actions and judgments, judicial or administrative, against a debtor for the collection of a claim that arose prior to the filing of the bankruptcy petition.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Despite the automatic stay of collection efforts imposed by section 362 of the Bankruptcy Code, Lendgreen continued to request repayment of the loan provided. [ 2 ] [ 3 ] In response to this, Coughlin would move to file a motion before the Bankruptcy Court requesting an automatic stay while the Tribe opted to file a 'motion to dismiss' Coughlin ...