Mississippi Order Extending Automatic Stay is a legal document that is issued by a court of law in the state of Mississippi. It is used to protect a debtor from creditors by extending the period of time they have to pay off their debt. It prevents creditors from taking any action against the debtor, such as seizing their assets or taking legal action against them. The Mississippi Order Extending Automatic Stay is typically issued during bankruptcy proceedings or when a debtor is facing financial hardship. There are two types of Mississippi Order Extending Automatic Stay: a temporary stay and a permanent stay. A temporary stay is issued for a specific period of time and the debtor must fulfill certain conditions in order to keep the stay in effect. A permanent stay is issued for an indefinite period of time and the debtor does not have to fulfill any conditions in order to keep the stay in effect. Both types of stay protect the debtor from creditors and give them the time they need to pay off their debt.
Mississippi Order Extending Autoimatic Stay
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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 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 Stay Has Been Lifted ? Now What? Once a creditor gets a court order lifting the automatic stay, they are allowed to move forward with foreclosure or repossession of the property that secures the debt. That said, the creditor still needs to follow state law for their collection or eviction proceedings.
The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors. It stops all collection efforts, all harassment, and all foreclosure actions.
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.
Because of the duration of the court case, a Chapter 7 automatic stay often lasts for three to four months. In contrast, the automatic stay remains effective on Chapter 13 bankruptcy cases throughout the duration of the debtor's repayment plan, assuming they comply with the terms.
Individuals may use a chapter 13 proceeding to save their home from foreclosure. The automatic stay stops the foreclosure proceeding as soon as the individual files the chapter 13 petition. The individual may then bring the past-due payments current over a reasonable period of time.