DO YOU HAVE A CUSTOMER ENTERING BANKRUPTCY? BE SURE NOT TO VIOLATE THE AUTOMATIC STAY

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1/18/2013

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By Christopher M. Cobb, Esquire & Hans C. Wahl, Esquire

Section 362 of Title 11 of the United States Code provides for the Automatic Stay in all bankruptcy proceedings, including Chapter 7, 11 and 13 filings. The Automatic Stay is invoked immediately upon a debtor filing for bankruptcy and once invoked it instantly halts all actions by creditors to collect on pre-bankruptcy debts.

http://www.jimersoncobb.com/blawg/2013/01/do-you-have-a-customer-entering-bankruptcy-be-sure-not-to-violate-the-automatic-stay/

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Published In: Bankruptcy Updates

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.