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Posted on in Automatic Stay

The "automatic stay" immediately stops most collection actions by most creditors when you file bankruptcy. But here are some key exceptions.

The Automatic Stay

This protection against collection is automatic because it becomes effective simply by your act of filing bankruptcy. You don’t need any further steps by the bankruptcy court for it to be binding on your creditors.

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Posted on in Automatic Stay

To keep possession of your property that is collateral on a secured debt, you need to give the creditor “adequate protection.”

The Balancing of the Interests of Creditors and Debtors

Bankruptcy law attempts to balance the interests of debtors and creditors. That’s true as to how the law deals with debtors’ and creditors’ opposing interests as to the collateral on secured debts.

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Posted on in Automatic Stay

A creditor might want to pursue your co-debtor, protect itself from violating the stay, or take some other action other than collect money.

So far we’ve covered four reasons why creditors ask for “relief from stay” other than for permission to repossess collateral. Creditors seek permission to finish a lawsuit or other legal proceeding to determine:

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A creditor might ask to pursue an insurance-paid claim or to finish a lawsuit determining if you incurred the debt through fraud.


Our last blog post introduced reasons why creditors ask for “relief from stay” other than for permission to repossess collateral.

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Posted on in Automatic Stay

Creditors sometimes have grounds to ask for permission to resume or start collection action against you in spite of your bankruptcy filing.

In our last blog post we talked about the “automatic stay.” It’s one of the most important benefits of filing bankruptcy. It’s certainly the fastest, going into effect immediately when you or your lawyer files your bankruptcy case. The automatic stay stops virtually all attempts by creditors to collect their debts against you, your money, and your property.

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