eleven You.S.C. § 362. But submitting brand new petition will not stay certain types of procedures noted not as much as eleven You.S.C. § 362(b), and stay are effective simply for a short while in certain situations. The newest stay comes up because of the operation regarding law and requires zero official action. For as long as the stay is during impact, financial institutions basically may not begin or continue litigation, salary garnishments, if not telephone calls requiring repayments. The brand new bankruptcy clerk gives see of the case of bankruptcy situation to all the financial institutions whoever names and you can contact are offered of the debtor.

Anywhere between 21 and you may 40 months adopting the petition was submitted, your situation trustee (demonstrated lower than) commonly hold a meeting of loan providers.