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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 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 ...
Thus, while the Civil Code seeks to govern all aspects of private law in the Philippines, a Republic Act such as Republic Act No. 9048 would concern itself with a more limited field, as in that case, the correction of entries in the civil registry. Still, the amendment of Philippine legal codes is accomplished through the passage of Republic Acts.
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.
Like traditional conflict of laws rules, cross-border insolvency focuses upon three areas: choice of law rules, jurisdiction rules and enforcement of judgment rules. [2] However, in relation to insolvency, the principal focus tends to be the recognition of foreign insolvency officials and their powers.
The Federal Rules of Bankruptcy Procedure (abbreviated Fed. R. Bankr. P. or FRBP) are a set of rules promulgated by the Supreme Court of the United States under the Rules Enabling Act, directing procedures in the United States bankruptcy courts. They are the bankruptcy law counterpart to the Federal Rules of Civil Procedure.