Automatic Stay

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, the stay begins at the moment the bankruptcy petition is filed. Secured creditors may, however, petition the bankruptcy court for relief from the automatic stay upon a showing of cause.
Posts about Automatic Stay
  • Lapsing of the Statute of Limitations in New York Foreclosure Actions

    … a default without judicial intervention. This is known as “internal forgiveness,” and lenders are generally required to report any amount forgiven to the IRS. Wise lenders may only permit internal forgiveness if the borrower agrees, in writing, to toll the statute of limitations on an already accelerated debt. New York General Obligations Law 17-101…

    Ronald D. Weiss, PC- 10 readers -
  • A Banking Nightmare That Only Insiders Will Believe – Whistleblower Post

    … for months, home looted while the [owners] were dispossessed, emotional distress, lost income, apparent heart attack, suicide attempt, and post traumatic stress disorder…” The bank’s response? Despite a 109 page opinion filled with findings of misconduct, the bank says it did no wrong and plans to appeal. Meet Eric and Renee Sundquist This tale begins…

    Due Diligence- 10 readers -
  • Can You Avoid Foreclosure in New York by Filing for Bankruptcy?

    … for bankruptcy will an individual who is behind on their mortgage payments avoid a foreclosure. As in so many legal matters, the answer to this depends on your specific circumstances, though the following is a brief overview of how bankruptcy may be able to help. The Automatic Stay When you file your bankruptcy petition, the court will issue an order…

    Ronald D. Weiss, PC- 14 readers -
  • What is a Violation of the Automatic Stay?

    … What is a Violation of the Automatic Stay? Posted on Aug 24, 2016 By Bradford Botes August 24, 2016 by Bradford Botes For many of our clients, the automatic stay is the best thing that has happened to them in a long, long time. In fact, in my opinion, there is no other provision of the law that can do more good for an individual more quickly…

    Bradford Botes/ Bond and Botes- 30 readers -
  • What is an Adversary Proceeding?

    … What is an Adversary Proceeding? Posted on Aug 18, 2016 By Grant McNutt August 18, 2016 by Grant McNutt An Adversary Proceeding or “AP” as it is often called is basically a lawsuit filed within a bankruptcy case. An AP can be filed by the Trustee, the Debtor or Creditor. To file an Adversary Proceeding, a formal complaint must be filed…

    Grant Mcnutt/ Bond and Botes- 21 readers -
  • Can You Change From a Chapter 13?

    … make below the means test requirements, you may be able to convert the Chapter 13 bankruptcy to one under Chapter 7. Chapter 7 allows you to surrender any collateral that you no longer want to keep and get the fresh start the Bankruptcy Code gives you. You would have to let your attorney know and pay the conversion costs involved but you would…

    Gail Donaldson/ Bond and Botes- 19 readers -
  • Can a Missouri Foreclosure Be Stopped?

    … chapter of the Bankruptcy Code, an “automatic stay” goes immediately into effect. This automatic stay prohibits creditors from taking any further collection action relative to any debt without permission of the court. This includes prohibiting the filing of a foreclosure action. While filing for bankruptcy under Chapter 7 usually delays the foreclosure… 15 readers -
  • Bankruptcy Credit Counseling Requirement – Is It Working?

    … a bank to proceed immediately with a foreclosure and other actions. Dismissing the Petition If the court dismisses the case, the debtor will receive the invaluable automatic stay protection until the clerk enters the dismissal of the case because of the failure to satisfy the pre-file credit counseling requirement. The automatic stay will prevent…

    Ronald D. Weiss, PC- 28 readers -
  • Can the Military Off-Set Your Tax Refund While You Are In Bankruptcy?

    … and no interested party objected to the exemption, then the tax refund is not subject to offset. If you owe a governmental or quasi-governmental entity such as bank child support, the IRS, the state for over-payment of foods stamps or unemployment, over-payment of Social Security benefits, the military for exchange services, credit or over-payment…

    Cynthia Lawson/ Bond and Botes- 32 readers -
  • Will You Go to Jail for Not Paying a Check Advance?

    … to jail for a “bad check” charge if they do not renew the check or cause the check to bounce. Check Advances Can Be Discharged in Bankruptcy The good news is that check advances are loans and can be discharged in your bankruptcy. As a warning to debtors, though, even if these loans are included in your bankruptcy whether it is a chapter 7…

    Bond and Botes- 20 readers -
  • Filing a Motion to Reopen

    … a Motion to Reopen, an automatic stay of your deportation will remain in effect until the IJ issues a decision on your motion. This means that you cannot be removed from the country unless the IJ denies your Motion to Reopen. Again, if you have any questions in regard to this, you may want to consult with a Miami immigration lawyer. I didn’t receive…

    Michael G. Murray/ Miami Immigration Lawyer- 13 readers -
  • My Bankruptcy Case Was Dismissed. Can I Refile?

    … by the “automatic stay.” This is the part of the Bankruptcy Code that says none of your creditors can take any action against you to try to collect a debt. Unless the Judge enters a specific order changing the protection, the automatic stay lasts the entire length of your case. But, if you’ve had a bankruptcy case pending within the last year, and you…

    Nick Gajewski/ Bond and Botes- 31 readers -
  • A Look At Bankruptcy Prosecution Under Title 18

    … false information can be considered fraud. Individuals or businesses that file serial and repetitive petitions in abuse of the bankruptcy system. Filings may include false personal information in order to conceal previous bankruptcies. Many people who do this are simply trying to take advantage of the automatic stay that goes into effect upon…

    Ronald D. Weiss, PC- 34 readers -
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