AUTOMATIC STAY
\ˌɔːtəmˈatɪk stˈe͡ɪ], \ˌɔːtəmˈatɪk stˈeɪ], \ˌɔː_t_ə_m_ˈa_t_ɪ_k s_t_ˈeɪ]\
Definitions of AUTOMATIC STAY
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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.
By Oddity Software
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A legal provision afforded to a debtor in BANKRUPTCY that prohibits filing of lawsuits against the company and limits the ability of creditors to dispose of COLLATERAL held as security. While creditors in general cannot sell any of the debtor
By Henry Campbell Black
