Automatic Stay

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3/9 EXAMPLES

Text in this Example:

The commencement or continuation of a proceeding before the U.S. Tax Court concerning the debtor
The settling of any debt that a creditor owes to a debtor against the debtor's liability to the creditor
Any attempt to collect or recover on a claim against a debtor that arose before the bankruptcy petition was filed
The "automatic stay"
affects:
Efforts to obtain possession of property of the estate, or property from the estate. Property of the estate includes the debtor's property as of the date of the petition. The stay covers these acts so as to give the trustee ample time to discover and evaluate the respective rights in the property before the creditors start grabbing
The enforcement of a judgment obtained before the petition was filed, either against the debtor personally or against property of a bankruptcy. In this instance, creditors may not proceed with levy or execution to satisfy any prebankruptcy judgment
The commencement or continuation of any legal proceeding against the debtor that was or could have been commenced before the filing of a bankruptcy petition is automatically stayed (stopped) when a federal bankruptcy petition is filed. This includes any judicial, administrative, and arbitration proceeding, whether or not it is before a governmental tribunal. It also applies to every step of a proceeding, including the issuance of a process such as levy, garnishment, and/or other supplemental proceedings
Automatic Stay