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The right of a secured creditor to receive protection against the decrease in value of its interest in the debtor's property during bankruptcy proceedings (§ 361, Bankruptcy Code).

The automatic stay is an order that goes into place when you file for bankruptcy and stops most collection efforts. But the stay isn't absolute, and a creditor can ask the bankruptcy court to lift the automatic stay and allow collection efforts to resume. If successful, the creditor can continue pursuing its debt.

The most commonly sought exceptions are actions by parties to securities contracts to close out open positions; eviction of a debtor by a landlord where the lease has been fully terminated prior to the bankruptcy filing; actions by taxing authorities to conduct tax audits, issue deficiency notices, demand tax returns

Automatic Stay -- Immediately after a bankruptcy case is filed, an injunction (called the "Automatic Stay") is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor's property. Bankruptcy Code Section 362 discusses the Automatic Stay.

The Stay Has Been Lifted ? Now What? Once a creditor gets a court order lifting the automatic stay, they are allowed to move forward with foreclosure or repossession of the property that secures the debt. That said, the creditor still needs to follow state law for their collection or eviction proceedings.

Motion for Relief from the Automatic Stay is a request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.

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The automatic stay only applies to prepetition events and does not bar suit against the debtor based on a cause of action arising postpetition. On request of a party in interest, the court shall issue an order under subsection (c) confirming that the automatic stay has been terminated.An automatic stay stops creditors from trying to collect debts from a debtor who has filed for bankruptcy until court proceedings are completed. The automatic stay is an order that goes into place when you file for bankruptcy and stops most collection efforts. The stay stops all parties from continuing the lawsuit in any way against the person who has filed bankruptcy. The stay stops all parties from continuing the lawsuit in any way against the person who has filed bankruptcy. The discharge order is granted near the end of a bankruptcy case. It's when you're officially absolved of your debts. Automatic stay are void ab initio, citing Kalb , supra. Generally, pending state court litigation must be put on hold the moment the debtor files a bankruptcy petition.

Texas Order Regarding Status of Automatic Stay

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