Colorado Sample Letter for Hearing on Motion for Relief from Automatic Stay
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How to fill out Sample Letter For Hearing On Motion For Relief From Automatic Stay?
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FAQ
When relief from stay is granted, it does not remove the property from the bankruptcy estate or grant the creditor ownership of the property. It simply removes the stay and restores the parties to their state law rights.
An order for relief invokes the automatic stay and brings down an iron curtain, separating the pre-bankruptcy from the post-bankruptcy debtor, creating a bankruptcy estate and prohibiting unauthorized transfers of the debtor's property.
A Relief from Stay is a motion made by a creditor to have the stay lifted for him so that he may pursue his cause of action against the debtor. Creditors seek relief from stay most often in order to foreclose on mortgages, or to seize other collateral such as cars, equipment, or cash, and liquidate it.
The most 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 and make ...
In Rem Relief from Stay affects the mortgaged property (In Rem from Latin means ?against a thing?). It prospectively eliminates the automatic stay from entering as to claims against the mortgaged property in future bankruptcy cases for two years, regardless of who files the bankruptcy case.
A ?comfort order? is a bankruptcy term of art for an order confirming an undisputed legal result, and often is entered to confirm that the automatic stay has terminated. reaffirmation agreement, but no signed agreement was ever filed.
