New Mexico Default Order Granting Relief from Stay (Personal Property) is a court order issued by a judge that allows a creditor to take possession of a debtor’s personal property, such as furniture, appliances, and other household items. This order grants the creditor relief from the automatic stay imposed on the debtor’s property when a bankruptcy case is filed. The New Mexico Default Order Granting Relief from Stay (Personal Property) is used when a debtor fails to appear in court or does not respond to a creditor’s motion for relief from stay. The order can be requested either in an adversary proceeding or at a hearing on the creditor’s motion. The order allows the creditor to take possession of the debtor’s personal property, without the need for a sheriff’s sale. There are two types of New Mexico Default Order Granting Relief from Stay (Personal Property): Adversary Proceeding Relief from Stay and Motion for Relief from Stay. The Adversary Proceeding Relief from Stay is requested by a creditor in an adversary proceeding, while the Motion for Relief from Stay is requested by a creditor at a hearing on the creditor’s motion. In either case, the court will consider factors such as the debtor’s ability to pay, the length of time the debtor has been in possession of the property, and any other relevant information before issuing the order.
New Mexico Default Order Granting Relief from Stay (Personal Property)
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FAQ
Automatic Stay -- Immediately after a bankruptcy case is filed, an injunction (called the "Automatic Stay") is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor's property.
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. Creditors can then enforce those rights to the extent that the relief from stay order permits.
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.
First, once a person files a bankruptcy petition, the automatic stay immediately stops the bank from foreclosing on, or repossessing, the debtor's real or personal property. Examples include the debtor's home or her car. The automatic stay doesn't allow the debtor to avoid mortgage or car payments.
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.
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.