A federal injunction, which is issued immediately upon filing a bankruptcy petition in bankruptcy court, that stops (stays) all debt collection activities, including foreclosure.
a bar to all judicial and extrajudicial collection efforts against the debtor or the debtor's property; the policy behind the automatic stay, which is effective upon the filing of the bankruptcy petition, is that all actions against the debtor should be halted pending the determination of creditors' rights and the orderly administration of debtor's assets free from creditor interference.
See a local attorney about bankruptcy court’s bar against creditor action ----court protection
The filing of a Chapter 11 petition automatically triggers a halt or stay in the continued prosecution of pending lawsuits and the commencement of new lawsuits based on pre-filing conduct. This would include all asbestos-related litigation.
A stay of actions by creditors for 120 days granted to filers of bankruptcy petitions, during which time creditors may take no action against the debtor or its property. Stays are automatically granted to both involuntary and voluntary petitioners.
A type of injunction brought on by the filing of a bankruptcy petition which bars creditors' enforcement actions against the debtor or assets of the debtor. Once the automatic stay has been imposed upon the filing of the petition, any action to collect the debt from the debtor or the debtor's property is prohibited.
A legal term that prohibits any creditor from pursuing further debt collection from the party in bankruptcy until further notice.
Immediately following the filing of the bankruptcy petition, there goes into effect a court order that prohibits all collection and foreclosure efforts against a debtor including lawsuits. Creditors are barred from calling or writing a debtor for the duration of the bankruptcy unless the automatic stay is otherwise modified or "lifted" by court order.
When a Judgment Debtor files for protection under the United States Bankruptcy Code, the filing of the petition automatically stops all collection efforts against the judgment debtor pending determination of the judgment creditors rights. Under certain circumstances we can file an adversary proceeding in the Bankruptcy Court in an attempt to exclude certain debts or all debts from the bankruptcy discharge so that we can continue to enforce the judgment against the judgment debtor even after Bankruptcy.
An injunction that automatically stops lawsuits, foreclosure, garnishments and all collection activity against the debtor once a bankruptcy petition has been filed.
The law which takes effect immediately upon the filing of a bankruptcy petition prohibiting creditors from taking any action to compel collection of a debt.
Upon the filing of a bankruptcy petition, there is an automatic injunction issued which prohibits collection activity against the debtor, the debtor's property and possibly against co-debtors.
The significant protection a debtor receives immediately upon filing bankruptcy, which stops creditor collection procedures.
An automatic injunction requiring the suspension of collection activity on any debts listed in bankruptcy. The automatic stay goes into effect upon the filing of the bankruptcy, not when the creditor receives the notice of bankruptcy.
Filing under any chapter of the Bankruptcy Code prevents any further collection attempts, wage garnishment, or other damaging measures that might otherwise be taken against you. The purpose of a stay in Chapter 13 is to allow for extra "breathing room" while the repayment plan is drafted and approved. In Chapter 7 the stay allows the trustee the protection and time necessary to begin liquidation. There are some, but not many, exceptions to the stay.
A bankruptcy court order similar to a restraining order that takes effect as soon as your petition is filed. The automatic stay prevents your creditors from calling you, attempting to collect any debt from you, or foreclose on your property without asking the court for permission first.
A bankruptcy case automatically prevents continuation of creditor collection activity. Filing bankruptcy is the only way to get this specific protection. Mortgagees may petition the Court to "lift" the stay and permission to resume collection activity if the terms of the Bankruptcy are not met. Balloon Payment- A lump sum installment payment of a promissory note that is much larger than the regular installment payments.
a federal court injunction, which is granted in every bankruptcy case upon the filing of the case with the court in obtaining a Bankruptcy Court Number. Said injunction prohibits collection efforts against the debtor and the debtor's property or the property of the bankruptcy estate by all creditors - the only normal exception being most family type support issues.
Goes into effect when a person files bankruptcy. Creditors are automatically stopped from taking action against the debtor, including lawsuits, collection actions, wage garnishment, foreclosure, and other actions; it also prohibits communication between the debtor and creditor.
An injunction, or court order, that takes effect when a bankruptcy petition is filed. An automatic stay prohibits all collection action against a debtor. It affects a broad range of activities against the debtor, property of the debtor and property of the bankruptcy estate. The automatic stay ceases when a debtor is discharged or a bankruptcy case is closed.
The automatic stay is an injunction that stops collection activities by creditors on any debts listed in the debtors’ bankruptcy schedules.
An injunction that stops lawsuits, foreclosure, garnishments and all collection activity against the debtor the exact date a bankruptcy petition is filed Bankruptcy: By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities.
A bankruptcy court order. When bankruptcy is filed, the bankruptcy court will issue a court order that prevents any creditor from attempting to collect any debt from the person who declared bankruptcy. Creditors, even though they are owed money, may not undertake foreclosure, repossession, eviction or seizure, or even call or write the debtor demanding payment. Instead, they must all come to the bankruptcy court and seek the money they are owed together with the other creditors. | Home
An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
Precludes and halts all collection activities from creditors and even the IRS. You can even get seized property back from the IRS in a chapter 13 or chapter 11.
A stay imposed by the court when a bankruptcy is filed that prevents creditors from taking collection actions against the debtor.
The injunction issued automatically upon the filing of a bankruptcy case which prohibits collection actions against the debtor, the debtor's property or the property of the estate.
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.
the suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. Occurs automatically when the bankruptcy petition is filed. This action protects the debtor from creditors seeking to seize its assets. It protects some creditors in that it prevents one creditor from obtaining an excessive share of the assets of the bankrupt to the exclusion of the other creditors.
(US bankruptcy based) The injunction that occurs immediately upon the filing of a voluntary petition in bankruptcy and that prevents creditors and other parties from, among other things, taking further action to collect any debt or other obligation owed them by the filing party.
In bankruptcy law, an automatic stay is a measure which halts all actions by creditors 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 good cause (for example, if the creditor is undersecured).