What Is A Bankruptcy Automatic Stay? How Do I Get One? Do I Want An Automatic Stay?

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What Is A Bankruptcy Automatic Stay? How Do I Get One? Do I Want An Automatic Stay?

If you are considering filing for consumer bankruptcy protection – you have probably discovered the little language that we bankruptcy attorneys like to throw around. Let’s call it banklish, or perhaps boringlish is more fitting. Regardless, it can be quite confusing for debtors.

So, I have decided that being an experienced Phoenix bankruptcy attorney qualifies me to serve as your translator (you can thank me later). The bankruptcy ‘term ‘O the day? Automatic Stay.

As outlined by 11 U.S.C 362, the filing of a bankruptcy case triggers an injunction against the continuance of any action by any creditor against the debtor of the debtor’s property.

“Huh,” you may ask? What this means is that, from the moment your bankruptcy case is filed, you as the debtor are entitled protection from creditors. This means that all creditors are barred from pursuing action against you and your property.

If you think about this, it makes sense. See, the whole purpose of bankruptcy is to systematically address the liabilities you have will all creditors, so that the rights of all creditors are respected, while eliminated your debt burden. If one credit was able to pursue action against you during the bankruptcy, say by repossessing your car, they would be getting a better deal than the others.

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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.

© Christopher Ariano, Ariano and Reppucci PLLC | Attorney Advertising

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