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E. Michael Vereen III: Bankruptcy and Automatic Stays
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E. Michael Vereen III: Bankruptcy and Automatic Stays

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Debtors who file for bankruptcy can seek an automatic stay, which protects them from civil lawsuits. This provision prevents creditors from pursuing new judgments against the party who has filed for …

Debtors who file for bankruptcy can seek an automatic stay, which protects them from civil lawsuits. This provision prevents creditors from pursuing new judgments against the party who has filed for bankruptcy protection. In many cases, once a debtor has filed for bankruptcy, entities who are owed money are unlikely to receive repayment in full for the debt owed. More commonly, creditors will receive a proportional share of the debtor's divided assets. The party filing for bankruptcy has the right to sue creditors who continue debt collection activities after an automatic stay is granted. Some debts, such as child support payments, remain exempt from an automatic stay and require payment regardless of a bankruptcy filing.

As a lawyer who focuses on DUI, criminal defense, and consumer bankruptcy, E. Michael Vereen III started his own practice in Canton, Georgia, in 1989. Outside of the office, he enjoys spending time with his family and coaching a variety of youth sports.

Contact E. Michael Vereen III, attorney at law, by phone at 770-345-9449 or on the Web at vereenlaw.com.

Published in: Economy & Finance

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  • 1. E. MICHAEL VEREEN III:BANKRUPTCY AND AUTOMATICSTAYS
  • 2. BANKRUPTCY AND AUTOMATIC STAYSDebtors who file for bankruptcy can seek an automaticstay, which protects them from civil lawsuits. This provisionprevents creditors from pursuing new judgments against theparty who has filed for bankruptcy protection. In manycases, once a debtor has filed for bankruptcy, entities whoare owed money are unlikely to receive repayment in fullfor the debt owed. More commonly, creditors will receive aproportional share of the debtors divided assets. The partyfiling for bankruptcy has the right to sue creditors whocontinue debt collection activities after an automatic stayis granted. Some debts, such as child support payments,remain exempt from an automatic stay and requirepayment regardless of a bankruptcy filing.
  • 3. BANKRUPTCY AND AUTOMATIC STAYSAs a lawyer who focuses on DUI, criminal defense,and consumer bankruptcy, E. Michael Vereen IIIstarted his own practice in Canton, Georgia, in 1989.Outside of the office, he enjoys spending time with hisfamily and coaching a variety of youth sports.Contact E. Michael Vereen III, attorney at law, byphone at 770-345-9449 or on the Web atvereenlaw.com.