Automatic Stay at Legal Glossary
What is it? An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.Law Definition Added By: Ethan
The Automatic Stay definition has been viewed 1363 Time(s)!
Send To Friends!
If you'd like to send the Automatic Stay definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Automatic Stay. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms aggravate is To make more serious or severe.Law Terms secured debt is A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.
Law Terms appellant is A party to a lawsuit who appeals a losing decision to a higher court in an effort to have it modified or reversed.
Law Terms driving while intoxicated (DWI) is See driving under the influence.
Law Terms gross estate is For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.