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What if a Motion for Relief from Stay is only issued for one of the debtors what can the other do?
The other debtor must either make arrangements to pay, modify or otherwise deal with the pre-petition and post-petition arrears and costs and legal fees or be foreclosed upon. A possible action is filing the other debtor's own bankruptcy, if there is not one outstanding, though this will be short-term relief if the second debtor is not able to file a c. 13 with a plan that will address the arrears. The codebtor needs to get an experienced bankruptcy lawyer - and not the same one representing the other debor.
What else can I help you with?
What is the journal entry of Advance received from debtors?
Debtors are those customers who purchase goods from company on credit so no advance can be issued by debtors. on the other hand advance can be received from customers and accounting entry is as follows: [Debit] Cash / bank [Credit] Unearned revenue
What are the differences between trade debtors and sundry debtors?
sundry means "various". Sundry debtors means various debtors which not only include credit sales, but also include all other debtors(related to financial and other debt). So Trade debtors was part of sundry debtors. ok
How do you quash subpoena?
File a motion to quash (rescind) with the court where the subpoena was issued. If the judge agrees that the subpoena has no merit he or she will declare it invalid. Usually filing such a motion is the only way to have a subpoena rescinded other than the attorney who issued it voluntarily canceling it.
Is a complaint an answer or a motion?
A complaint is not an answer or a motion; it is a formal legal document filed by a plaintiff to initiate a lawsuit. It outlines the plaintiff's claims against the defendant and specifies the relief sought. An answer, on the other hand, is the defendant's response to the complaint, while a motion is a request to the court for a specific ruling or order.
What is ordergranting motion for relief-unopposed order lifting stay?
Sound like someone filed a motion to life a stay, the other party did not oppose the motion, and the court granted it. A stay is an order stopping some action by another person or entity, or stopping the enforcement of a judicial or administrative order.
Creditor was granted relief of stay relief was for repossession and sale of car is the creditor entitle to seek money when their relief was for possession and sale of car only?
The motion for relief from stay only affects the creditor's right to proceed against the property that secures the debt. The creditor's right to be paid any deficiency after sale depends on the kind of bankruptcy. In a 7, no. In a 13, it depends on what the other unsecured creditors are getting.
What account type is an intercompany account on the chart of accounts?
Other Debtors account
Provision for discount on debtors and provision for discount on creditors?
a provision is set up to give discounts to debtors who settle accounts early. as the company are not receiving the full debt they have a provision in place in this eventuality. This is seen as an expense to the business and brings the amount the debtors down. In other words dr P&L and Cr debtors in balance sheet
How do you calculate average trade debtors?
Average trade debtors average the number of days required for a company to receive payment from its customers. A large number means that a company must invest more cash in its unpaid accounts receivables, and a smaller number means that more cash is being made available for other uses.
Can a country have two set of interest rate one for commercial lending and the other for personal lending and mortgage?
An entity (country, corporation, individual creditor) can lend at rate n1 to certain debtors and at rate n2 to certain other debtors.
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.
What does the 1st page look like when filing a motion for modification?
The first page of a motion for modification typically includes the court name, case number, parties involved, title indicating it's a motion for modification, and a brief summary of the relief requested. It may also include the date, a signature line for the attorney or party filing the motion, and a certificate of service indicating that copies were sent to other parties involved in the case.
