What is the automatic stay?
Automatic Stay -- Immediately after a bankruptcy case is filed, an injunction (called the "Automatic Stay") is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor's property.
Bankruptcy Code Section 362 discusses the Automatic Stay.What is the basis for relief from the automatic stay?
A secured creditor may obtain relief from the automatic stay for acts against property if both the: Debtor does not have equity in the property.
Property is not necessary to an effective reorganization.22 sept. 2022How long does the automatic stay remain in effect?
How Long Does an Automatic Stay Last? The automatic stay remains in effect until your case is closed.
But, of course, it isn't always that simple.
For Chapter 7, it's often the case that a stay will last the 3-5 months the court case is open.- An automatic stay is an injunction that is triggered as soon as you file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.
It is a fundamental protection for debtors against most bill collectors.
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