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Automatic Stay
Barrister Amna (Alevels Academy Islamabad)
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8/30/2024
A Levels Academy Islamabad
Category
📚
Learning
Transcript
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00:00
Sometimes, we just need a break to call time out on everything and collect yourself.
00:06
This is especially true when it comes to legal financial matters such as debt collection.
00:11
If you're in a position where you're filing for Chapter 7 or Chapter 13 bankruptcy, things
00:15
are probably rough enough as it is.
00:18
That's where an automatic stay comes into play.
00:21
An automatic stay is an injunction that stops any creditors from continuing to try to collect
00:26
from you once bankruptcy is declared.
00:28
Literally, the moment Chapter 7 or 13 bankruptcy begins.
00:32
That's according to Section 362 of the United States Bankruptcy Code.
00:37
In fact, the automatic stay essentially goes hand-in-hand with the filed bankruptcy petition.
00:43
Automatic stays prevent a wide variety of collection tactics, such as wage garnishment,
00:47
home foreclosure, vehicle repossession, and harassing calls.
00:51
Although child support payments, along with a few other exceptional actions, are immune
00:56
from the automatic stay.
00:57
All in all, automatic stays should be looked at as an opportunity.
01:01
One where you can organize and figure out repayment while your property remains protected.
01:06
Time, as it so often does, remains of the essence in matters like these.
01:11
The sooner you get things rolling, the sooner advantages like an automatic stay can help.
01:17
Especially because actions such as home foreclosure cannot be undone by an automatic stay.
01:22
They can only be prevented by an automatic stay.
01:26
Now, secured creditors can push for relief from the automatic stay, allowing them to
01:31
go through with getting what they're owed.
01:33
For understanding how automatic stay and other beneficial legal routes can work for you,
01:38
turn to LegalYou.
01:39
For anything.
01:41
LegalYou.
01:42
You can do this.
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