June 8, 2010

What is an Automatic Stay?

A San Jose bankruptcy attorney explains what is an automatic stay?

The U.S. Bankruptcy Code has a provision called the Automatic Stay. The Automatic Stay, under Chapter 11 bankruptcy, was designed to prevent creditors from pursuing collections on amounts due them from the entity filing the Chapter 11 bankruptcy. Those that request an automatic stay are typically firms, companies or businesses that are seeking debt relief through filing Chapter 11 bankruptcy. They do this by hiring an experienced Chapter 11 bankruptcy attorney who takes the necessary steps on the debtor’s behalf to request the automatic stay.

It should be noted here that it is only allowable to lift the automatic stay per the direction of the bankruptcy judge.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Bankruptcy Terms

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