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The Automatic Stay is an order entered by the federal bankruptcy court directing that all debt collection actions against a debtor that has filed for bankruptcy protection stop.  In most bankruptcies, the stay ordered is entered automatically by the court clerk when the case is filed.  There are some statutory exceptions that apply in the event of repeat filings.

The automatic stay is authorized by 11 USC §362, a section of the bankruptcy code that details its provisions.  This important statute prevents the taking of just about any type of action that improves or advances the position of a creditor after the case has been filed, including but not limited to:

Read More from: Bankruptcy Law Network

3 hours 21 min ago

financial literacy building blocks
You’re a first time employee.  Congratulations.

Welcome to the world of tax forms, withholding, and tax deadlines.  

Taxes are the price we pay for civilization, according to Oliver Wendell Holmes.

In fact, the first day on your new job you’ll be presented with an IRS form w-4. It’s like a rite of passage into adulthood.

Even families that talk openly about money don’t often discuss the arcane details of the W-4.

My sons certainly hadn’t prepared their own returns when they left home. They were daunted by the 207 pages of instructions for the IRS 1040, the standard income tax form.

Read More from: The Soap Box

13 hours 52 min ago

As the debate over housing reform heats up, policymakers should give careful consideration to a plan that recapitalizes the government-sponsored enterprises.

Read More from: BankThink

1 day 3 hours ago

Citigroup Chief Executive Officer Michael Corbat received $23 million in compensation for 2017, a 48 percent increase from a year earlier and the biggest pay package he's received since taking the top job.

Read More from: BankThink

1 day 3 hours ago

Jerome Powell is the first Federal Reserve chairman in more than a decade to have any background in the private sector. That could explain changes he's implemented in his first weeks on the job.

Read More from: BankThink

1 day 3 hours ago

Their partnership aims to make it easier for community banks and other institutional investors to vet loans that they could buy from online lenders.

Read More from: BankThink

1 day 3 hours ago

Banks scrapped a plan to create a shared data bunker for customer data in favor of a backup buddy system. Some argue a move to blockchain should be next.

Read More from: BankThink

1 day 3 hours ago

The Financial Conduct Authority is seeking input on whether it should expand its fintech testing ground to include startups and regulators from around the world.

Read More from: BankThink

1 day 3 hours ago

Triumph Bancorp has developed technology to help freight brokers make faster payments to truckers, charging a fee for the service.

Read More from: BankThink

1 day 3 hours ago

Four of the startups are focused on business and consumer bill payments, and a fifth offers student loan repayment assistance as an employee perk.

Read More from: BankThink

1 day 3 hours ago

The House Financial Services Committee chairman is calling out Fannie Mae and Freddie Mac's regulator for authorizing payments to two housing trust funds while the mortgage giants have their own financial struggles.

Read More from: BankThink

1 day 3 hours ago

The finance sector had the highest number of breaches of all industries, with 471 in 2016, according to a report issued Friday by the White House's Council of Economic Advisers.

Read More from: BankThink

1 day 3 hours ago

A sophisticated campaign by Russian actors seeking to manipulate the 2016 U.S. presidential election through social media included stealing the identities of Americans and using accounts at PayPal to aid their effort.

Read More from: BankThink

1 day 3 hours ago

Just two months after a capital infusion, First Capital Bancshares added banking veterans including John McCoy and Harvey Glick as directors in a board overhaul, changed CEOs, and decided to move its corporate headquarters to Charleston, S.C.

Read More from: BankThink

1 day 3 hours ago

Democratic lawmakers are objecting to acting CFPB Director Mick Mulvaney's decision to strip the fair-lending office of enforcement powers.

Read More from: BankThink

1 day 3 hours ago

U.S. Bank's $600 million fine for AML lapses quickly drew readers attention, while acting CFPB Director Mick Mulvaney got the Cordray treatment on Capitol Hill and big banks made moves to speed real-time payments.

Read More from: BankThink

1 day 3 hours ago

The card activation process is relatively low-tech, but since its introduction nearly three decades ago it has been hugely effective in preventing credit cards from falling into the wrong hands. Among its pioneers was Ash Gupta, American Express’ president of global credit risk, who is retiring next month.

Read More from: BankThink

1 day 3 hours ago

A bipartisan bill to establish a federal security framework follows a string of efforts beset by congressional turf battles.

Read More from: BankThink

1 day 3 hours ago

The CFTC will pay the award for tips received from one person in the case, in which the bank didn’t properly disclose that it was steering asset management customers into investments that would be profitable for the bank.

Read More from: BankThink

1 day 3 hours ago

Cathy Moran

I’ve been named a SuperLawyer among Bay Area bankruptcy lawyers. That makes 10 years running.

It’s flattering, but probably not much more than that.

The real measure of my skills is in the clients’ lives whom I’ve impacted and the young bankruptcy lawyers I’ve mentored.

And I’m going to be teaching new bankruptcy lawyers and their staffs at the NACBA convention in Denver in April.  I love sharing what I know about this practice.

In the meantime, I’m waiting for my cape to be delivered, along with flight instructions.

Read More from: The Soap Box

1 day 4 hours ago

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