Texas Agreed Order Conditioning Stay Chapter 7 (O-404) is an order issued by the Texas Bankruptcy Court, which provides a temporary period of protection from creditor collection efforts while a debtor attempts to reorganize their debt. The order applies only to debtors who have filed for Chapter 7 bankruptcy protection and is issued upon the agreement of all creditors involved. This order is issued to prevent creditors from seeking immediate payment of the debt in question, while allowing the debtor time to negotiate a payment plan with creditors. It may also be used to protect a debtor's assets from being seized by creditors. There are two types of Texas Agreed Order Conditioning Stay Chapter 7 (O-404): the Automatic Stay and the Limited Stay. The Automatic Stay prevents creditors from taking any action to collect on debts, such as filing lawsuits or garnishing wages. The Limited Stay allows creditors to take limited action, such as issuing letters or making phone calls to the debtor.
Texas Agreed Order Conditioning Stay Chapter 7 (O-404)
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