lift the automatic stay

lift the automatic stay

In bankruptcy, all collection activities by creditors must cease as soon as the creditor receives notice of the bankruptcy proceeding.This is called the automatic stay.Creditors may proceed with foreclosure or repossession of collateral only if they obtain permission from the bankruptcy judge to do so.That request is called a request to lift automatic stay,the process is called lifting the stay.

References in periodicals archive ?
Upon such a filing, a lender would typically move to lift the automatic stay as soon as possible.
The insurance company would be required to lift the automatic stay in order to access the cash.
After learning of the hospital's bankruptcy in March 2002, SIP repeatedly asked whether they intended to lift the automatic stay, to continue paying benefits, or if they intended to default on their self insured workers' compensation obligations.
While it was undisputed that the secured debt was well below $4 million, the court held that Code [section]362(d)(3) did not apply and refused to lift the automatic stay.
Bondholders' Committee") announced today that the Honorable Helen Balick of the Delaware Bankruptcy Court has granted their motion to lift the automatic stay in the Marvel Holdings bankruptcy.