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A creditor might want to pay a claim through your insurance, or finish a lawsuit to establish that you got the debt through fraud.

“Relief from the Automatic Stay”

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A creditor may ask the bankruptcy court to let another court finish a lawsuit about liability and/or the amount of damages.

“Relief from the Automatic Stay”

Our last blog post was about the possibility of a creditor asking for “relief from the automatic stay.” The automatic stay refers to the immediate protection you receive from debt collection as soon as you file bankruptcy. (See Section 362 of the U.S. Bankruptcy Code about the “Automatic stay.”)

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Filing bankruptcy stops creditors’ collections against you immediately. But sometimes a creditor tries to get permission to collect anyway.

In our last 10 blog posts we’ve been talking about the “automatic stay.” It is one of the most important and immediate benefits of bankruptcy. The automatic stay stops most kinds of creditor attempts to collect their debts against you, your income, and your assets.

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Filing bankruptcy can stop an eviction, unless the landlord has already gotten a judgment of possession. Don’t wait—timing is crucial.

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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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