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Bankruptcy

automatic stays

The automatic stay provides a period of time in which all judgments, collection activities, foreclosures, and repossessions of property are suspended and may not be pursued by the creditors on any debt or claim that arose before the filing of the bankruptcy petition. A stay of creditor actions against the debtor automatically goes into effect when the bankruptcy petition is filed. The stay provides a breathing spell for the debtor, during which negotiations can take place to try to resolve the difficulties in the debtor's financial situation.

In West Virginia, as in all states, the automatic stay is a provision under federal bankruptcy law that immediately stops most creditors from pursuing debt collection against an individual or entity once a bankruptcy petition is filed. This stay applies to various actions, including judgments, collection activities, foreclosures, and repossessions related to debts that were incurred before the filing of the bankruptcy petition. The automatic stay is intended to provide a 'breathing spell' for the debtor, allowing time to reorganize finances without the pressure of immediate collection efforts. Creditors are prohibited from taking any action to collect debts without permission from the bankruptcy court. The automatic stay remains in effect until the bankruptcy case is resolved, the stay is lifted by the court, or the subject debt is discharged.

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Bankruptcy

automatic stays

Individual & Family Legal Plan

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West-Virginia State Code

West-Virginia State Code

Bankruptcy

automatic stays

Articles