Podcast
Questions and Answers
When does the automatic stay become effective?
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?
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?
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 does the automatic stay end?
What are the three actions that the bankruptcy court can take regarding the automatic stay?
What are the three actions that the bankruptcy court can take regarding the automatic stay?
What is the consequence of violating the automatic stay according to 362(k)?
What is the consequence of violating the automatic stay according to 362(k)?
What is the effect of the automatic stay on pending litigation?
What is the effect of the automatic stay on pending litigation?
Does the automatic stay prevent enforcement of a judgment entered in a state court action?
Does the automatic stay prevent enforcement of a judgment entered in a state court action?
In Citizens Bank v. Strumpf, what was the bank's right regarding the debtor's frozen assets?
In Citizens Bank v. Strumpf, what was the bank's right regarding the debtor's frozen assets?
What action should individuals take if they have money in a bank to which they owe money before filing for bankruptcy?
What action should individuals take if they have money in a bank to which they owe money before filing for bankruptcy?
In which state can individuals protect up to $5,000 at a time in a bank they owe money to before filing for bankruptcy?
In which state can individuals protect up to $5,000 at a time in a bank they owe money to before filing for bankruptcy?
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?
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?
