What is the "automatic stay"?
The automatic stay is one of the most important aspects of the bankruptcy process. Once you file a bankruptcy petition, the automatic stay stops all collection efforts and proceedings against you, all harassment, lawsuits, and any foreclosure proceedings. It gives you breathing room to deal with your financial affairs without interference from your creditors.
The automatic stay is the bankruptcy equivalent of a temporary injunction against virtually all creditor activity that might have the effect of advancing the creditor's interest at the expense of the debtor.
An automatic stay restrains creditors from sending collection letters, calling the debtor regarding collection, suing on the debt, garnishing wages, repossessing property, foreclosing on home mortgages, or any other activity to collect a debt. The stay continues until the bankruptcy case concludes.
Most importantly, the automatic stay provides the debtor immediate calm amidst the storm of financial difficulties.
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