New York Order Granting In Rem Relief From The Automatic Stay And Dismissing Case is a court order issued by a New York court to terminate the automatic stay and dismiss a bankruptcy case. The automatic stay is an injunction that prevents creditors from taking action against a debtor while the bankruptcy case is pending. The relief from the automatic stay allows creditors to take action against the debtor's property, such as foreclosing on a home or repossessing a car. The dismissal of the bankruptcy case terminates the bankruptcy process and allows creditors to pursue their claims against the debtor. There are two types of New York Order Granting In Rem Relief From The Automatic Stay And Dismissing Case: a motion to grant relief from the stay and dismiss the case, and an order granting relief from the stay and dismissing the case.
New York Order Granting In Rem Relief From The Automatic Stay And Dismissing Case
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Civil cases involving family or domestic issues - Most family court proceedings cannot be halted by the automatic stay, including child custody and paternity cases, as well as divorce cases addressing issues other than the division of marital property.
Motion for Relief from the Automatic Stay is a request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.
Motion for Relief from the Automatic Stay is a request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.
Creditors Obtaining Relief From the Automatic Stay -- If a creditor properly files and serves a Motion for Relief from the Automatic Stay, and a bankruptcy judge grants the Motion, the Automatic Stay will either be removed or modified so that the creditor can resume collection efforts against the debtor.
The automatic stay remains in effect until the case is closed or dismissed or, in an individual case, until the granting or denial of the debtor's discharge, whichever happens first. Creditors may file a Motion for Relief from the Automatic Stay requesting the stay be lifted to allow them to pursue their legal rights.
The most commonly sought exceptions are actions by parties to securities contracts to close out open positions; eviction of a debtor by a landlord where the lease has been fully terminated prior to the bankruptcy filing; actions by taxing authorities to conduct tax audits, issue deficiency notices, demand tax returns
The most commonly sought exceptions are actions by parties to securities contracts to close out open positions; eviction of a debtor by a landlord where the lease has been fully terminated prior to the bankruptcy filing; actions by taxing authorities to conduct tax audits, issue deficiency notices, demand tax returns
This Standard Clause for use in a forbearance or restructuring agreement provides for a defaulting borrower to waive its right to assert the automatic stay against a lender if it later files for bankruptcy. This Standard Clause has integrated notes with important explanations and drafting tips.