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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.
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.
The Civil Code governs private law in the Philippines, including obligations and contracts, succession, torts and damages, property. It was enacted in 1950. Book I of the Civil Code, which governed marriage and family law, was supplanted by the Family Code in 1987. [2] Republic Act No. 6657: Comprehensive Agrarian Reform Code
The length of the automatic stay depends on the type of bankruptcy and debts. For Chapter 7 bankruptcy, the automatic stay generally remains in effect until the bankruptcy case is discharged or ...
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 important feature applicable to all types of bankruptcy filings is the automatic stay. [48] The automatic stay means that the mere request for bankruptcy protection automatically halts most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection activity.
This the Civil Code itself notably recognises in saying that "[j]udicial decisions applying or interpreting the laws or the Constitution shall form a part of the legal system of the Philippines" (Article 8, Civil Code), a recognition of the eminent role now played by precedents in Philippine law. The Civil Code is divided into four “books ...
Bankruptcy systems predicated on trying to rehabilitate companies (such as Chapter 11 in the United States, or administration orders in the United Kingdom) are fundamentally different in intent and effect to winding-up regimes that seeks to liquidate companies and distribute the proceeds to creditors.