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Automatic Stay Provision

A stay is a halt in judicial proceedings. An automatic stay provision is a specific judicially ordered halt to bankruptcy proceedings. In the United States, it is an integral part of the filing of a Chapter 7 or Chapter 13 bankruptcy. After the petition is filed, the court routinely grants an automatic stay provision. This protective order halts creditors obtaining their money through liens or other methods. The automatic stay provision applies to IRS tax levies and IRS seizures. It prevents wage garnishments and halts the actions of collection agencies and credit card companies. It does not, however, stop alimony payments, child support and evictions. A lender also has the option of filing a petition to obtain a monthly payment. A bankruptcy attorney will be able to guide you through this process.

Fast Facts

  • The automatic stay provision is initiated through section 362 of the United States Bankruptcy Code.
  • Under Chapter 13 bankruptcy, the automatic stay provision is usually in effect for the length of the repayment period.

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