- The U.S. Bankruptcy Code states that the automatic stay goes into effect immediately when you file your bankruptcy paperwork with the court. Once the automatic stay is in place, creditors must terminate any ongoing lawsuits or other legal proceedings against you.
- If you filed for bankruptcy any time during the previous year and that bankruptcy petition was subsequently dismissed, your protection under the automatic stay only lasts for 30 days. If you filed for bankruptcy twice within the past year and both cases were dismissed, you are not entitled to an automatic stay at all.
- Unless your protection under the automatic stay is limited due to previous dismissed bankruptcies, the stay will typically remain in effect until the court discharges or dismisses your bankruptcy case. Creditors, however, have the right to request that the court lift the stay. If it complies, your creditors may once again pursue you for your debts.
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