Knowing what your collateral is worth is critical. In many cases, your claim will exceed the value of your collateral and you’ll have a mere unsecured claim for the difference. However, if the collateral value is more than the value of your claim, then you can get post-petition interest (among other things). In Determining the Collateral Value of a Secured Claim, the DailyDAC Editors explain the value of collateral value.

As the Devil’s Dictionary of Bankruptcy Terms explains, a “waiver of automatic stay” is “a term sometimes included in workout agreements between lenders and borrowers providing that, in the event of the borrower’s bankruptcy, the borrower waives the benefits of the automatic stay or consents to relief from the stay. Read the full Devil’s Dictionary definition.