Bankruptcy 102: The Automatic Stay (In Detail)
A NorthLegal Webinar presented December 5, 2023
Duration: 2:00 hrs:minutes
| Cost | How to Attend | How to Obtain Handouts |  |
Do you know —
- If you repossess a vehicle but the debtor files bankruptcy before you sell it, how long do you have before you have to give it back? Do you have to give it back at all?
- When may you sue a debtor who is still in bankruptcy with an active automatic stay?
- May you place a hold on deposits while the automatic stay is still in effect?
- Must you stop automated payments if you learn the debtor has filed bankruptcy?
The "automatic stay" is one of the most important (and most litigated) concepts in bankruptcy — but it is also one of the most misunderstood. Most creditors have heard of the automatic stay and that it prohibits them from "doing anything to collect," but it prohibits other things too! And most creditors know the stay begins when a debtor filed bankruptcy, but is that always the case? And when does the automatic stay end?
It is essential that those who collect consumer debts have a solid understanding of the automatic stay. Those in management who are responsible for oversight of the collections department must also understand the rule well enough to perform their supervisory role. In fact, anyone who may interact with a borrower who has filed bankruptcy should have at least a basic understanding of the rule.
During this program, participants learn about issues including:
- When exactly does the automatic stay begin? The general rule is easy, but there are exceptions to it that are important to know and myths surrounding it that are important to avoid.
- When does the automatic stay end? The Bankruptcy Code lists multiple times the automatic stay ends without your financial institution taking any action at all.
- When are you entitled to have the automatic stay lifted? What must be done to have that happen?
- What does the automatic stay really prohibit? May you return a call from the debtor? May you call to ask about insurance? May you send a payment reminder on a credit card or an auto loan? What about on a mortgage or a HELOC? May you send periodic statements? If you repossess a car before the bankruptcy is filed, does the automatic stay require you to release it after it has been filed? Does the automatic stay prohibit you from freezing funds on deposit?
- How can knowledge of the limitations of the automatic stay, together with careful planning, help your financial institution save money on legal fees?
Join collections, compliance and management professionals from across the country for this program to learn how to best protect your financial institution!
NOTE: This program is intended only for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
Cost/Registration
The fee to attend this archived program is $190.00 if paid by credit card or $200.00 if paid by check. For that fee, you or someone from your financial
institution may view this program as often as you like for a period of 180 days. (NOTE: If your financial institution registered for the live program, you already have free access to the archvied version for six months! Contact NorthLegal for information.)
How to Attend an On Demand Webinar | How to Obtain Handouts
To attend this NorthLegal Webinar, please do the following:
| • | Register. To register online using a credit card, visit the "Register" link, above. To register by mail, call NorthLegal at 623.537.7150. |
| • | Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and instructions explaining how to use that link to attend the program. |
| • | Download the handout materials using the link appearing in the confirmation email. The confirmation email also includes the password needed to open the materials. |
Speaker: Eric North
Eric North is an attorney who represents the interests of credit unions and other financial institutions respect to litigation, compliance, governance, bankruptcy and collections matters. Eric has appeared in state and federal courts throughout the State of California, and has argued before the Ninth Circuit Court of Appeal.
Eric is also a nationally recognized speaker on legal issues relating to consumer
lending institutions, and has presented hundreds of programs on behalf of national,
state and local leagues and associations from around the country.
Live program scheduling conflict?
No problem! Registration for a NorthLegal webinar automatically entitles you to watch it live AND to watch the archived version as many times as you like for 180 days!
If you or your staff can't make the live program, you still have plenty of time to watch at a time that is more convenient for you!