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Automatic Stay in Bankruptcy Proceedings Quiz

12 Questions

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Automatic Stay in Bankruptcy Proceedings Quiz

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Questions and Answers

When does the automatic stay become effective?

Upon the creditor receiving notice of the filing

Upon the court's approval of the bankruptcy action

Upon the filing of a bankruptcy action (correct)

Upon the debtor's request for the automatic stay

What is covered by the automatic stay?

Only creditor collection activity pertaining to the debtor

Protection for third parties and their property

Creditors' ability to seize assets immediately

362(a) – Virtually everything (correct)

What is excepted from the automatic stay?

Actions taken after the case is closed

All actions related to creditor collection activity

Actions related to third-party creditors

Certain actions specified under 362(b) (correct)

When does the automatic stay end?

When the case is closed or when the property is 'abandoned from the estate' Signup and view all the answers

What are the three actions that the bankruptcy court can take regarding the automatic stay?

Continue the stay, order the end of the stay, place conditions on the continuation of the stay Signup and view all the answers

What is the consequence of violating the automatic stay according to 362(k)?

The debtor can be required to pay the creditor damages Signup and view all the answers

What is the effect of the automatic stay on pending litigation?

Everything stops, there is no more collection activity Signup and view all the answers

Does the automatic stay prevent enforcement of a judgment entered in a state court action?

No, it does not prevent enforcement of the judgment Signup and view all the answers

In Citizens Bank v. Strumpf, what was the bank's right regarding the debtor's frozen assets?

The bank was within its rights to freeze the debtor’s assets Signup and view all the answers

What action should individuals take if they have money in a bank to which they owe money before filing for bankruptcy?

Take the money out Signup and view all the answers

In which state can individuals protect up to $5,000 at a time in a bank they owe money to before filing for bankruptcy?

Wisconsin Signup and view all the answers

What is the consequence of a creditor's setoff of any debt owing to the debtor against any claim against the debtor after the commencement of the bankruptcy case?

It may violate the automatic stay Signup and view all the answers