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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.
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 ...
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.
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.
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 ...
Bankruptcy laws vary by jurisdiction and involve strict deadlines and complex documentation. ... Some creditors may file objections to your bankruptcy or seek to lift the automatic stay to ...
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