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When a bankruptcy is filed, an automatic stay takes effect, which prohibits any creditor or debt collector from taking any further action to collect any debt owed by the debtor.
Secured creditors who believe the debtor will not be able to continue making payments on their debts (mortgages, car loans, any secured debt) can ask for relief from stay to be allowed to foreclose or repossess, or otherwise claim and sell the security.
What else can I help you with?
Can you sell your home after the relief to stay is granted?
Yes, you can sell your home after a relief to stay is granted, but you should consider the specific circumstances of your case. If the relief to stay is related to a legal matter, such as bankruptcy or foreclosure, you may need to address any restrictions or obligations that apply to the property. It's essential to consult with a legal professional to understand any potential implications on the sale process.
What does a stairway order mean in legal terms?
I think you may have misheard what was called a "stay away order". For more information please follow this link:
How long does a stay in legal terms last?
The length of a stay in legal terms can vary depending on the context. For example, a stay of execution in criminal proceedings temporarily postpones the implementation of a death sentence. In civil cases, a stay may refer to a suspension or temporary halt of legal proceedings. The duration of a stay will depend on the specific circumstances and the court's decision.
Can a relief from stay be contested?
Sure, but with good legal reason which is more compelling than the one presented to obtain the relief originally. And of course, if such reason exists, it really should have been argued when relief requested. Legal reason is not that you don't like it, that it causes you hardship (which is a better argument against you than for you as that is what your BK does to everyone of your creditors), or something like that.
Is it legal for a credit company attorney to be sending relief from stay motion papers directly to the creditor instead of the attorney which represents the creditor that has filed chapter 13?
If a creditor files a motion for relief from stay in any bankruptcy proceeding, the papers should be served on the debtor's attorney of record.
What is a concurrence in relief from stay?
A concurrence in relief from stay refers to a situation in bankruptcy proceedings where a creditor agrees to or does not oppose another party's request to lift the automatic stay. The automatic stay is a legal provision that halts most collection actions against a debtor upon filing for bankruptcy. When a creditor files a motion for relief from stay, obtaining concurrence from other interested parties can streamline the process and increase the likelihood of the court granting the motion. This cooperation can help facilitate the resolution of disputes among creditors and the debtor.
How do you file a rebuttal for relief from bankruptcy stay?
You file an objection to the motion for relief.
Can a relief of stay be overturned?
Sure...but with reason
What is a relief from automatic stay?
Relief allows the creditor to continue collection actions/foreclosure/repossession.
What is a motion for relief from the automatic stay?
Automatic Stay is the thing that is automatically done when you file bankruptcy. It protects the assets of the bankruptcy estate. It prevents collection attempts. It stops foreclosure / evictions. A motion for relief from automatic stay is filed by a creditor when they want to foreclose, continue foreclosure, eviction, reposession, etc. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Are banks willing to provide some debt relief so that I am able to stay in my home?
No, the government on the other hand will provide some debt relief so that I am able to stay in my home
What can you do to prevent the relief of stay?
Not much, it is pursuant to the ruling of the judge if a BK stay is lifted. A relief of stay is generally granted to secured creditors, such as a mortgage holder on real property or lien holder on a vehicle. If it involves a chapter 13, the debtor should be certain all terms agreed upon when loans were reaffirmed are met as specified. Mortgage holders will often file for relief when payments are not kept current. When it concerns vehicles it can be payments or in some cases insurance defaults that cause the lender to file. Of course there is always the debtor's right to appeal any ruling/actions.
