RESPOND TO CLASSMATE WITH DETAILED REMARK The Question(s): Julius Talbert owes Tom Finnegan $10,000 on an unsecured promissory note. The note became due and payable three months ago. Last week, Finnegan received notice from federal bankruptcy court that Talbert had filed for Chapter 7 bankruptcy. Finnegan would like to forego participation in the bankruptcy proceedings and instead file a civil lawsuit against Talbert for the $10,000 owed (plus associated interest, court costs, and attorney's fees). Once Finnegan secures a civil judgment against Talbert, he plans to execute the judgment by seizing any nonexempt property Talbert owns in satisfaction of the debt. Apply the legal concepts discussed in class to answer the following questions. 1. Would the bankruptcy code's provision contained in 11 U.S.C. 362 concerning the automatic stay be applicable here? ANSWER: Yes, it would. In bankruptcy proceedings, an automatic stay is the suspension of almost all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy. Some debts not covered by an automatic stay are child support and alimony payments, as well as money owed as a result of a criminal proceeding