What is the debtor required to provide after an automatic stay is granted?
Any automatic stay is typically granted to the debtor after chapter 7 bankruptcy is filed. However, right away, the debtor must provide a list of all creditors, a list of all their assets and liabilities, schedule of current income and expenditures, prior 60 day pay stubs, and their federal tax returns for the prior year.
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What is an automatic stay?
An automatic stay is a legal provision related to bankruptcy cases that temporarily prevents lenders (creditors) from harassing and pursuing borrowers (debtors). Under section 362 of the United States Bank, the stay beings the moment the bankruptcy petition is filed and typically last around 30 days. For most Chapter 7 bankruptcies, and automatic stay goes […]
What is chapter 7 bankruptcy?
Chapter 7 bankruptcy is also referred to as liquidation. Chapter 7 permits both voluntary and involuntary petitions. Under chapter 7 liquidations, a trustee will generally be appointed to act on behalf of the debtor, and when the time comes, will be the fiduciary that is responsible for collecting and liquidating the assets. The proceeds from […]