The moment a consumer files for bankruptcy, such as Chapter 7 or Chapter 13, an automatic stay typically takes effect immediately. The automatic stay temporarily halts most judgments, collection activities, foreclosures and repossessions of the consumer’s property, which is known as the bankruptcy estate. There are some limits and exceptions, though. What the automatic stay…

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The article What Is the Automatic Stay in Bankruptcy? originally appeared on NerdWallet.

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