In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, 11 U.S.C. ยง 362, the stay begins at the moment the bankruptcy petition is filed. Secured creditors may, however, petition the bankruptcy court for relief from the automatic stay upon a showing of cause.
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Famous quotes containing the words automatic and/or stay:
“Natural selection, the blind, unconscious, automatic process which Darwin discovered, and which we now know is the explanation for the existence and apparently purposeful form of all life, has no purpose in mind. It has no mind and no mind’s eye. It does not plan for the future. It has no vision, no foresight, no sight at all. If it can be said to play the role of the watchmaker in nature, it is the blind watchmaker.”
—Richard Dawkins (b. 1941)
“Do you want to have an easy life? Then always stay with the herd and lose yourself in the herd.”
—Friedrich Nietzsche (1844–1900)