In commercial law, after-acquired property refers to any property acquired by a debtor subsequent to a security agreement. In bankruptcy law, it denotes property acquired by an individual following a bankruptcy filing, typically free from creditor claims.
The automatic stay is a provision in U.S. bankruptcy law that halts all collection activities, including litigation, repossessions, and foreclosures, immediately upon filing a bankruptcy petition.
Chapter 7 of the 1978 Bankruptcy Act focuses on liquidation, which involves the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
