A Second Bankruptcy, the Automatic Stay, and a Foreclosure
In 2005, Congress, with help (and influence) from creditor lobbyists, chose to add restrictions to the automatic stay and make it harder for a serial filer to get debt relief. Section 362(c)(3)(A) provides that if an individual debtor files a second bankruptcy case within a year of dismissal, the automatic stay terminates “with respect to […]
Stop Automatic Payments during Bankruptcy
Automatic payments are a convenient way to pay bills. An automatic payment is an automated process that pays bills directly from a banking or brokerage account through an electronic payment system. Typically, an individual will authorize a regular payment that doesn’t change from month to month, such as a mortgage or car payment. An individual […]
Three Way Split of Opinion on Automatic Stay
It is axiomatic that when a state or federal court issues an order either requiring or prohibiting future conduct, the court expects compliance. In civil cases, non-compliance may be punished through the court’s use of contempt powers, which may include a fine or jail time until the individual complies. Since compliance isn’t always possible (e.g. […]
Automatic Termination of the Bankruptcy Stay
The Bankruptcy Code’s automatic stay is powerful protection that prohibits creditors from attempting to collect during a bankruptcy case. The protection was so powerful and effective that creditors lobbied Congress to amended the automatic stay laws in 2005. Now the Bankruptcy Code provides that the automatic stay is terminated if a debtor fails to (1) […]
Automatic Stay Violations: Void or Voidable?
When a debtor files bankruptcy an automatic statutory injunction takes immediate effect which prohibits the commencement or continuation of collection actions against the debtor or property of the debtor’s bankruptcy estate. The automatic stay is very broad in scope and offers the debtor a “breathing spell” to develop a repayment or reorganization plan, or time […]
Lifting the Automatic Stay
The bankruptcy automatic stay is an enormously broad and powerful legal protection. The stay is a temporary injunction that prohibits creditors from proceeding with collection actions against the debtor during the bankruptcy case. The bankruptcy debtor is entitled to this protection automatically from the moment the case is filed. Creditors are “stayed” (stopped) from collecting […]
The Automatic Stay and Residential Tenants in Las Vegas
Many homeowners file bankruptcy. Those facing a Las Vegas foreclosure are frequently advised that if they file before the process begins, they can stay in their homes because of the automatic stay. This is a powerful tool that bankruptcy gives debtors. It not only stops all collection efforts, but it also stops foreclosure actions. However, […]
Five ways the automatic stay can help with foreclosure in Las Vegas
Can the automatic stay help protect you from foreclosure in Las Vegas? And what are some of the advantages to filing for bankruptcy if you are facing foreclosure? The automatic stay can indeed stop foreclosure. In fact, once you file for bankruptcy, the automatic stay stops any attempt by a creditor to seek repayment of […]
4 Things You Can Do to Counter an Automatic Stay Violation
Filing for bankruptcy in Las Vegas entitles you to special protection known as the automatic stay. The automatic stay means that creditors, collection agencies, repo men, etc. are prohibited from even attempting to take any of your positions as long as you’re in the middle of your bankruptcy case. And that includes making phone calls […]
Co-Signors & the Automatic Stay:5 Things to Be Aware Of
The automatic stay gives debtors a very special protection from creditors during the course of the bankruptcy process. But what about co-signors? Do they get the same protection from creditors? Here are 5 things to know about the automatic stay if you are a co-signor: 1. In a Chapter 7 bankruptcy filing, co-signors DO NOT […]