Define the term bankruptcy

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Reference no: EM131470666

Question: Automatic Stay. David Sisco had about $600 in an account in Tinker Federal Credit Union. Sisco owed DPW Employees Credit Union a little more than $1,100. To collect on the debt, DPW obtained a garnishment judgment and served it on Tinker. The next day, Sisco filed a bankruptcy petition. Tinker then told DPW that because of the bankruptcy filing, it could not pay the garnishment. DPW objected, and Tinker asked an Oklahoma state court to resolve the issue. What effect, if any, does Sisco's bankruptcy filing have on DPW's garnishment action? [DPW Employees Credit Union v. Tinker Federal Credit Union, 925 P.2d 93 (Okla.App.4th 1996)]

Reference no: EM131470666

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