A Mississippi Order Imposing Automatic Stay is a document issued by a court in the state of Mississippi that establishes an automatic stay on a certain legal action. The stay prohibits any further action in the proceeding until the order is lifted. It is typically used in cases involving bankruptcy, insolvency, or reorganization. There are two main types of Mississippi Order Imposing Automatic Stay: 1. Prejudgment Automatic Stay: This stay prohibits any action from taking place until the court has reviewed and rendered a decision. 2. Post-judgment Automatic Stay: This stay prevents any further proceedings or enforcement of a judgment until the court has reviewed and rendered a decision. Both types of Automatic Stay are designed to give parties time to explore potential solutions to their legal dispute, and are usually issued on a temporary basis.
Mississippi Order Imposing Automatic Stay
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FAQ
What are the exceptions to the automatic stay under 11 U.S.C § 362? Establishing paternity; Establishing or modifying domestic support obligations, including child support and alimony; Child custody or visitation matters; Divorce proceedings; Domestic violence matters.
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.
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.
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.
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.
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
It forbids creditors from pursuing both formal and informal actions and remedies against the debtor and its property.