Supreme Court Holds Creditor Retention of Debtor’s Property Does Not Violate "Automatic Stay"
By EsqSocial Corporation 26/01/21
The Supreme Court of the United States recently issued a decision regarding the scope of the “automatic stay” codified at section 362 of the Bankruptcy Code. By way of background, the filing of a bankruptcy petition immediately and automatically triggers a stay of all actions and proceedings which seek to collect a debt against the debtor and the debtor’s property. One of the primary purposes of the automatic stay is to maintain the status quo while the debtor’s bankruptcy case proceeds. The...
By: Harris Beach PLLC