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Automatic Stay
A provision in bankruptcy law that temporarily stops lawsuits, foreclosures, garnishments, and all collection activity against the Debtor the moment a bankruptcy petition is filed.
Creditor Litigation
Legal proceedings initiated by a creditor to collect debts owed by a debtor who has failed to make payments.
Chapter 7 Bankruptcy
A chapter of the Bankruptcy Code that provides for the liquidation of a debtor's non-exempt assets to pay off creditors.
Automatic Stay
A legal provision that temporarily stops lawsuits, foreclosures, garnishments, and all collection activity against a debtor the moment a bankruptcy petition is filed.
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