What is relief from automatic stay for cause?

A court may grant relief from an automatic stay "for cause, including the lack of adequate protection of an interest in property."1 That refers to circumstances in which the value of a property or secured collateral may decrease while the bankruptcy case is being resolved.

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North Carolina Motion to Extend Automatic Stay

North Carolina Motion to Extend Automatic Stay

Name: North Carolina Motion to Extend Automatic Stay
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.77 (400 reviews)

Category:

North Carolina Bankruptcy - Official - Eastern District

State:

North Carolina

Control #:

NC-SKU-0053

Format:

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Description

Motion to Extend Automatic Stay The North Carolina Motion to Extend Automatic Stay is a legal motion that is used to extend the period of time that creditors have to collect debt from a debtor. This motion allows a debtor to obtain additional time to restructure their debts and explore other options. The Automatic Stay is an injunction that is put in place by the court when a bankruptcy petition is filed, which stops creditors from taking action against the debtor. There are two types of North Carolina Motion to Extend Automatic Stay: 1) a Motion for Extension of Automatic Stay for Chapter 13 Bankruptcy; and 2) a Motion for Extension of Automatic Stay for Chapter 7 Bankruptcy. The Motion for Extension of Automatic Stay for Chapter 13 Bankruptcy is used when a debtor wishes to extend the Automatic Stay beyond the initial period of time granted by the court in order to complete their Chapter 13 repayment plan. The Motion for Extension of Automatic Stay for Chapter 7 Bankruptcy is used when a debtor wishes to extend the Automatic Stay beyond the initial period of time granted by the court in order to allow them additional time to explore alternatives to bankruptcy. The North Carolina Motion to Extend Automatic Stay is an important tool that a debtor can use in order to obtain additional protection from creditors and explore other options for resolving their debt.

The North Carolina Motion to Extend Automatic Stay is a legal motion that is used to extend the period of time that creditors have to collect debt from a debtor. This motion allows a debtor to obtain additional time to restructure their debts and explore other options. The Automatic Stay is an injunction that is put in place by the court when a bankruptcy petition is filed, which stops creditors from taking action against the debtor. There are two types of North Carolina Motion to Extend Automatic Stay: 1) a Motion for Extension of Automatic Stay for Chapter 13 Bankruptcy; and 2) a Motion for Extension of Automatic Stay for Chapter 7 Bankruptcy. The Motion for Extension of Automatic Stay for Chapter 13 Bankruptcy is used when a debtor wishes to extend the Automatic Stay beyond the initial period of time granted by the court in order to complete their Chapter 13 repayment plan. The Motion for Extension of Automatic Stay for Chapter 7 Bankruptcy is used when a debtor wishes to extend the Automatic Stay beyond the initial period of time granted by the court in order to allow them additional time to explore alternatives to bankruptcy. The North Carolina Motion to Extend Automatic Stay is an important tool that a debtor can use in order to obtain additional protection from creditors and explore other options for resolving their debt.

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A court may grant relief from an automatic stay "for cause, including the lack of adequate protection of an interest in property."1 That refers to circumstances in which the value of a property or secured collateral may decrease while the bankruptcy case is being resolved.

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.

The stay requires creditors to cease actions against the debtor and the debtor's property as described in 11 U.S.C. § 362(a). The stay continues until either the case is dismissed or closed or, in an individual case, until the granting or denial of discharge.

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.

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.

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.

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

More info

Upon filing a petition, an automatic stay is imposed. When evaluating your request to grant or extend the stay, the court will presume initially that your filing is in bad faith.A motion to extend the stay must be filed and completed within 30 days of the petition date. The hearing on the motion to extend the stay must be completed before the 30th day after the petition is filed. The automatic stay only applies to prepetition events and does not bar suit against the debtor based on a cause of action arising postpetition. The Motion to Extend Stay asserts that one year prior to the Current Case, the Debtor filed one prior bankruptcy case, referencing the Second Case. Remains is dispositive motions and, if necessary, trial. ARGUMENT. A. The United States' Equity Skimming Claim Is Not Subject To The Automatic Stay. Foreclose on a house or repossess a car. No automatic extensions, continuances, or stays.

North Carolina Motion to Extend Automatic Stay

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