Bankruptcy 102: The Automatic Stay (In Detail)
December 5, 2023 at
10:00 a.m. PST (11 MST, 12 CST, 1 EST)
Estimated Duration: 90-120 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
Until the program begins, the fee to attend is $175.00
if paid by credit card or $185.00 if paid by check. For that fee, you and others from your financial institution may view the live program (from one computer) AND the
archived program as often as you like for a period of 180 days.
After the live program has ended, the fee to register for and watch the archived program will be $190.00
Handout Materials
Handout materials will be made available in PDF the day before or morning of the program. When they are ready, an email will be sent to all registered participants and a link will appear on the right-hand side of the page at northlegal.com.
How to Register and Attend a Webinar
To attend this NorthLegal Webinar, please do the following:
- Register. To register online using a credit card, click one of the "Register" buttons 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 sales receipt for the transaction and the other be an enrollment confirmation containing a link to attend the program and detailed instructions explaining how to use that link.
- Watch for an email the day before the program or the morning of the program telling you that the handout materials are ready to be downloaded. (A link will also appear on this site's home page when the materials are ready.)
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!