answersLogoWhite

0


Best Answer

I'm not exactly sure what information this question is looking for, so let me give you my generic "what is a motion for stay" answer, and if you still have questions you can ask a follow up question. Ahem... A Motion for Relief from Stay is what a creditor files with the Bankruptcy Court when they want permission from the Court to repossess or foreclose on some collateral (like a house or car), either because they are upset because the debtor in bankruptcy hasn't done something they said they would do, or because the debtor indicated that they did not want the collateral. Motions for Relief from Stay can be filed in either Chapter 7 or Chapter 13 cases, but I find that they are much more common in Chapter 13's. A common example of when a Motion for Relief from Stay would be filed is if, say, a debtor in a Chapter 13 case is supposed to be paying his or her mortgage outside the Chapter 13 Plan by making direct payments to the mortgage lender, in addition to his or her Chapter 13 Plan that he or she pays to the Trustee. If that debtor misses a mortgage payment, then the mortgage lender would be upset and would file a Motion for Relief from Stay in the Bankruptcy Court, in which they are basically asking the Bankruptcy Court for permission to foreclose on the home since the debtor has failed to make payments. The debtor is given a short time in which to file an Objection (in writing) to the Motion for Relief from Stay with the Bankruptcy Court. If the debtor fails to object, the Motion for Relief from Stay is ordinarily granted and the mortgage lender may begin foreclosure proceedings. If the debtor does object, then different Bankruptcy Courts have different procedures, but normally the Bankruptcy Court sets the issue for a hearing. At the hearing, the mortgage lender normally complains about how the debtor hasn't made payments like they were supposed to, and the debtor normally explains why they missed the payments and how quickly they can get them caught up, and exclaims that they won't get behind again. Then the Court makes their ruling. What happens much more frequently than a hearing is that prior to the hearing, the debtor's attorney and the mortgage lender's attorney agree prior to the hearing on how and when the debtor can become current again, and then the hearing gets canceled so long as the debtor and the mortgage lender are in agreement on how the debtor will get caught up and that the debtor promises to stay current thereafter. If an agreement is not struck between the debtor and the mortgage lender before the hearing, then at the hearing, when ruling on whether to let the debtor keep the home or let the mortgage lender have it back, Courts frequently consider things like whether this is the first Motion for Relief from Stay or if there have been more than one, what the debtor's payment history has been like, what happened to make the debtor get behind, how quickly the debtor can get it caught up, how likely it is that the debtor's method of getting caught up will work, how long the debtor has lived in the home (i.e. Courts seem to give a little more lee-way to debtors who might lose a family home they've had in their family 100 years than they are if the debtor bought the home one year ago and has missed 8 payments in the 12 months they owned it), etc. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Visit RossLawOffice.com for more information about bankruptcy.

User Avatar

Wiki User

โˆ™ 2005-04-04 04:42:17
This answer is:
User Avatar
Study guides

The top term of a fraction

The bottom term of a fraction

A number being added to another number

A fraction whose numerator is equal to or greater than the denominator

โžก๏ธ
See all cards
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
No Reviews

Add your answer:

Earn +20 pts
Q: What can be done to get a state of stay lifted off a bankruptcy company?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What companies have filed for bankruptcy in North Carolina?

None. Bankruptcy is a FEDERAL matter. Not done or relevant to State. A company say headquartered in NYS, with branches in Calif, and filing in the Federal District Bankruptcy Court someplace...normally where it's corporate charter was filed...is BK everyplace.


How long does chapter 13 bankruptcy stay on credit report in state of ND?

It does not matter what state you filed your Chapter 13 Bankruptcy, as it was done in Federal Court, and these types of events stay on your credit for 10 years.


What is the answer if A fallen tree is lifted 2.75 meters How much work is done?

a fallen treee is lifted 2.75 meters. How much work is done?


Do you have to report money won after bankruptcy was discharged?

No. Done is done.


What is done when a baseball is lifted 0.7 m?

distance


How to write a Letter declaring bankruptcy?

In the US, a bankruptcy is petitioned and decided in a Federal Court. It is not done with a letter.


What companies have filed for bankruptcy in CA?

Bankruptcy is the process where a person legally declares himself or his business unable to pay outstanding debts. It is done in a Federal Court system. Which operates without giving any real distinction to State lines. There are different types of bankruptcy. Thousands of Corporations file for Bankruptcy each year.


How soon before filing bankruptcy can you stop paying credit cards?

You need to notify the Credit company, once you've done that you may suspend payments.


Will bankruptcy affect the co-owner of a house?

To me this is a pretty easy no. Once you get the report I would dispute it and make the bureau prove that your mom filed bankruptcy. They will not be able to so it will have to be removed. It sounds like the mortgage company got wind of the bankruptcy and told the bureaus that all of the owners of the house filed for bankruptcy. Are the co-owners married? If not, then the bankruptcy effects the owner to the extent that she (he, it) will need to get clear title since it cannot be sold unless the title (deed) gets cleared. Anyone out there knows what needs to be done? If two people own a house and one files bankruptcy - the bankruptcy can affect the other owner. First, if the house were to be sold or refinanced - the title company or lawyer (depending upon where you live) will search the local courts, where the bankruptcy procedures would be found. As long as the courts don't file an order that the house must be sold or anything like that then title company/lawyer will wait until the bankruptcy is discharged before proceeding. The way the deed is titled defines how real property is held and how it can be subjected to division or protection under bankruptcy laws or judgments. Every state has what is known as a homestead exemption, in the majority of bankruptcy cases this will protect property that is used as a primary residence. It is important however to know how the state of residency laws apply to joint ownership especially a "JTWRS" as opposed to a "TIC".


How do you get bankruptcy off your credit report?

A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.


Is it better to buy a lifted truck or lift it yourself?

Personally, I would buy one that is lifted or have it professionally done. If you buy one already lifted, you don't run any risk of messing up your truck.


What is the heaviest weight ever lifted?

The heaviest recorded weight ever lifted was 6,270 pounds. This was done by Paul Anderson of Toccoa, Georgia on June 12, 1957.

People also asked