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Reply #23: "Automatic Stay" is language from the bankruptcy code. [View All]

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VoodooGuru Donating Member (327 posts) Send PM | Profile | Ignore Mon Sep-29-08 06:03 AM
Response to Original message
23. "Automatic Stay" is language from the bankruptcy code.
A "stay" is a pause in litigation. When you file bankruptcy, all actions against you are subject to the automatic stay, meaning all judicial proceedings against you are put on hold until your bankruptcy action is resolved.

It's not a power grab, dude. Chill. This automatic stay expires in three days, after which the Secretary must petition for a longer one from a court. It is NOT the same as having no recourse.

I've mentioned earlier that I'm a bookseller. But I was an attorney for 12 years before I got sick of it. ;)
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