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What is automatic stay?

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2010-08-16 18:13:12
2010-08-16 18:13:12

The automatic stay is a provision under the U.S. Bankruptcy Code prohibiting creditors from beginning or continuing proceedings for collecting owed amounts from a company or individual who files for bankruptcy. It is a court order and a creditor who violates the automatic stay could be held liable for fines, damages and attorney fees.

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Related Questions


If relief from automatic stay has been lifted against you, the creditor may now proceed to collect the debt.

Automatic stay prevents creditors from taking any action to collect on debts.

can any creditor freeze my checking account after I get a automatic stay from the court.

When you file for bankruptcy, the stay is automatically issued. That's why it's called and automatic stay. You needn't do anything.

The automatic stay is more a term of art. If a case has truly been dismissed and you can verify this online, then the automatic stay was also terminated at that time. Nothing needs to be filed or done on your part. Verify that it was dismissed though.

It expires when the bankruptcy case is closed.

Yes. The automatic stay prohibits further activity until the case is dismissed or completed or the creditor gets relief from the automatic stay.

no, the stay is created when you file BK and ends when the BK is discharged.

If the automatic stay is lifted and no foreclosure has been filed, one just needs filed as normal. If the foreclosure was already filed and the automatic stay was lifted, the creditor simply informs the Court with the foreclosure that the stay was lifted and the case will resume. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.

No - that doesn't give you automatic right to stay in the UK !

The moment the BK is accepted by the court.

Are your lights automatic or do you have to turn them on??? If there automatic then you need to turn the knob to the left of the steering wheel and turn it to "Off" and its the same if there not automatic too.

Generally an automatic stay (temporary injunction) converts to a permanent injunction when the BK is granted and closed. If there is property involved such as a vehicle that has not been designated as exempted, the stay remains until..the case is closed or the case is dismissed or the discharge is granted or denied.

automatic stay means the unsecured creditors can not come after you for payment and your home is protected. releif from stay means your creditors can ask for payment and your hme is not protected.

I'm assuming you are asking regarding a bankruptcy. An automatic stay is a utility of the court, that legally prevents contact with you from creditors after they have been notified of the bankruptcy proceedings. Once you file, the stay protects you and your proerty for as long as the stay exists. Once the BK is dismissed or discharged, the stay is lifted. While the stay is in effect, the vehicle cannot be involuntarily repossessed.

There are many reasons why a head light would stay on when car is off. These lights could be automatic.

You may be referring to the duration of an action under the Bankruptcy Code. The duration of an action under the Code is from the commencement of the action (usually the filing by the debtor of the bankruptcy petition) through administration of the bankruptcy estate, discharges or reorganization of the bankrupt's debts, to dimissal of the case.You may also be referring to the automatic stay. The automatic stay (Title 11, United States Code, section 362) is a very important provision of the Bankruptcy Code. The automatic stay is essentially an equitable injunction issued by the Bankruptcy Court, an "automatic" consequence of the filing of the petition.11 U.S.C. ยง362(a) sets forth that"[e]xcept as provided in subsection (b) of this section, a petition filed under section 301, 302, or 303 of this title, or an application filed under section 5(a)(3) of the Securities Investor Protection Act of 1970, operates as a stay, applicable to all entities...."and proceeds to define at length the applicability of the automatic stay.The automatic stay enjoins creditors of the bankrupt from the further pursuit of collection activity against the bankrupt and the bankruptcy estate. The stay remains in effect unless and until the creditor successfully motions a court to set aside the automatic stay as to the debt in which they have an interest, at which point the creditor may lawfully resume collection activity.Your attorney handles the effect of the automatic stay on yourself and your creditors.

Automatic Stay is the thing that is automatically done when you file bankruptcy. It protects the assets of the bankruptcy estate. It prevents collection attempts. It stops foreclosure / evictions. A motion for relief from automatic stay is filed by a creditor when they want to foreclose, continue foreclosure, eviction, reposession, etc. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.

when automatic stay is lifted what can occur to the debtor?

Relief allows the creditor to continue collection actions/foreclosure/repossession.

In bankruptcy law, an automatic 'stay' is an order goes into effect when a person files for bankruptcy. It prohibits creditors from taking certain actions against you including foreclosure proceedings. The stay gives the court time to gather all the information it needs to make a fair distribution of bankruptcy assets. The automatic stay can be lifted from certain property by the court so that property can be sold. Lenders frequently request relief from the automatic stay so a foreclosure can proceed. That relief is often granted and property can be sold."Remove from stay" is a way to say that the bankruptcy court has allowed a motion to sell the property at a foreclosure sale.

AnswerAn automatic stay stops creditors from proceeding against you, either garnishing wages or siezing property. I think after the automatic stay is lifted, the creditor requesting that the stay is lifted, can proceed against you for the item they want back.Once the stay is lifted [granted] by the Bankruptcy Court, the creditor is free to take whatever action is appropriate to recover and sell the property. If the debtor is granted a discharge in bankruptcy, the debtor will not be required to pay to the creditor any deficiency amount that results if the sale of the collateral does not generate enough money to pay the debt in full.Further it also depends on how you respond after lifting of stay, if you do not make any payment, creditor may continue with his course of action. It is always better filing proper reply to the motion to lift the automatic stay.An experienced Attorney would assist you in all these aspects.

No. The automatic stay prevents new filings and stops existing cases pending the outcome of the bankruptcy (or lifting of Automatic stay) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.

Replace your AT Control Unit (Automatic Transmission Computer)


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