What Is Bankruptcy Automatic Stay?

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Bankruptcy Automatic Stay

The automatic stay refers to a provision in the bankruptcy law for the protection of the debtors after filing for bankruptcy. Using this provision, the bankruptcy law imposes restrictions on all collection activity from taking place which also include foreclosures and repossessions. The automatic stay comes into force as soon as a bankruptcy petition is filed by the debtor.

Violation from the automatic stay willfully may make anyone liable for the consequences of the violation and also for punitive damages. One bankruptcy petition is enough for an automatic stay to come into force against all collection efforts of the creditors. The creditors and collection agencies will be stopped from collecting from the debtors.

The automatic stay will prevent lawsuits filing, calling or writing to debtors by the creditors and much more. Even any attempt to file lawsuits against the debtor after filing bankruptcy will be prevented. They also prevent utility disconnections for about twenty days or more. More Terms Explained

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