What is an automatic stay in bankruptcy?

Serafini, Michalowski, Derkacz & Associates

Section 362 of the United States Bankruptcy code provides for a stay of collection proceedings from the moment a bankruptcy proceeding is filed. An automatic stay is an automatic injunction that prevents any creditor action (with some exceptions), from continuing any collection activity against a debtor that has filed for bankruptcy. The stay is the reason that creditors must stop their harassing calls after you have filed your bankruptcy petition.

For more information on automatic stays and bankruptcy, contact our office at (586) 264-3756 to schedule a free consultation.

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