Tag Archives: automatic stay
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Once a Chapter 7 bankruptcy is filed, all collection efforts and activities must stop because of the bankruptcy’s automatic stay. But, it’s important to know that the Chapter 7 automatic stay does not extend to your cosigners. Therefore, your creditors are free to pursue them in an effort to collect the debt. Fortunately, if you… Read More »
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Continued from The Magic of the Automatic Stay: Part I and The Magic of the Automatic Stay: Part II Based on public policy, there are certain acts set out in Section 362(b) for which the stay does NOT automatically arise to protect you or your property when your petition is filed. On the other hand,… Read More »
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Continued from The Magic of the Automatic Stay Many legal writers have observed that the purpose of the stay is to provide a “breathing spell” while the facts in a bankruptcy case are sorted out. Each statutory provision controlling the specific stay relief that arises automatically upon the filing of a bankruptcy petition is set… Read More »