Supreme Court to Secured Creditors: "Hold on Loosely, But Don't Let Go."
By EsqSocial Corporation 25/01/21
Filing a bankruptcy petition automatically halts efforts to collect pre-petition debts from the debtor outside of bankruptcy. This "automatic stay" is a command to halt action, and creditors violate it at their own peril. If a creditor wants to continue a lawsuit against a debtor outside of bankruptcy, repossess collateral, terminate a lease, set off debts, or pursue other collection efforts, it first must obtain stay relief from the bankruptcy court. If you violate the stay, you can be held...
By: Ward and Smith, P.A.