Automatic Stay

Also known as stay. An injunction that immediately stops substantially all collection and enforcement actions by creditors against the debtor in a bankruptcy. It is effective automatically once the bankruptcy petition is filed. There are a number of exceptions, including certain criminal matters and domestic support obligations, which are not enjoined by the automatic stay as a matter of public policy. Matters arising after the filing of the petition are not stayed.

For further information, see Practice Note, Automatic Stay: Lenders’ Perspective ( www.practicallaw.com/9-380-7953) .

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247244959259", "objName" : "Automatic Stay", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/us/resource/4-382-3248?null", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "2-40e00097:15b19122c8f:-694b", "analyticsSessionCookie" : "2-40e00097:15b19122c8f:-694a", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }