In the immediate term, the automatic stay will halt foreclosure proceedings. Long-term, Chapter 13 is your best option for retaining ownership of your home in bankruptcy. Chapter 13 halts foreclosure proceedings.
Eviction: The stay on foreclosure may temporarily suspend the eviction process, unless your landlord already has a judgment against you at the time you file for bankruptcy. If not, you may receive a few days or weeks of reprieve before your landlord asks the court to withdraw the stay and allow the eviction to proceed.
Utility Disconnections: The automatic reprieve will grant you at least 20 days before your utilities can be disconnected for nonpayment.
Creditors & Collection Agencies: With a few exceptions, the automatic stay promptly halts lawsuits and other actions brought against you by creditors, collection agencies, or government entities. Included in this category are repossession, collection calls, and garnishment.Exemptions from the mandatory stay:
You may still be audited by the IRS, required to submit a tax return, and required to pay any subsequent tax assessments. Under the automatic halt, however, the IRS cannot file a tax lien or seize your property or income.
Legal & Criminal Proceedings: The stay does not affect support-related lawsuits (child support, alimony, etc.). Neither are criminal proceedings; however, if a charge includes a debt component, only the criminal charge is likely to proceed.
Creditors are likely to petition the bankruptcy court to """"lift"""" the stay in certain circumstances. The court is likely to grant permission for actions against you to proceed if the request is reasonable.The automatic stay remains in effect until a judge removes it (see above) for one or all creditors, the debtor receives a discharge and the stay becomes permanent, or the debtor no longer possesses the property.There are numerous components to the bankruptcy procedure, and it is best to act quickly to avoid foreclosure and other creditor actions.
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