11 You.S.C. § 362. But filing the petition will not remain certain kinds of methods indexed under 11 U.S.C. § 362(b), and the stay is generally effective just for a short time in certain situations. The latest remain comes up by procedure out-of legislation and requires zero official action. For as long as new stay is in feeling, loan providers essentially may well not start otherwise keep lawsuits, wage garnishments, or even phone calls requiring costs. The fresh new bankruptcy proceeding clerk gives notice of bankruptcy situation to all the financial institutions whoever labels and address are provided of the debtor.
Ranging from 21 and you will forty months adopting the petition is submitted, the truth trustee (discussed below) commonly hold a meeting out-of loan providers. Whether your U.S. trustee or bankruptcy officer (5) schedules this new conference during the a location that does not have typical U.S. trustee otherwise case of bankruptcy administrator staffing, the meeting could be stored only about two months immediately after the transaction to possess save.