Bankruptcy
The Automatic Stay under Chapter 7 Bankruptcy
Richmond, Virginia. Filing a petition under chapter 7 of the bankruptcy code “automatically stays” (stops) most collection actions against the debtor or the debtor’s property. Filing the petition does not stay certain types of actions listed under 11 U.S.C. § 362(b), and the stay may be effective only for a short time in some situations. The stay arises by operation of law and requires no judicial action. As long as the stay is in effect, Read more…