New York Order Extending Automatic Stay (White Plains) is an order issued by a bankruptcy court in the state of New York that extends the time a debtor is protected from creditors. This order is issued when a debtor files for Chapter 7 or Chapter 13 bankruptcy and provides temporary relief from creditors’ collection efforts. The automatic stay is extended for a period of time that is determined by the court and can be extended if necessary. There are two types of New York Order Extending Automatic Stay (White Plains): Temporary Order Extending Automatic Stay and Final Order Extending Automatic Stay. A Temporary Order Extending Automatic Stay is issued at the beginning of the bankruptcy process and gives the debtor time to complete their filing. A Final Order Extending Automatic Stay is issued at the end of the bankruptcy process and provides the debtor with long-term relief from creditors’ collection efforts.
New York Order Extending Automatic Stay (White Plains)
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FAQ
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.
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.
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.
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 most common reason for a creditor to make a motion for relief from the automatic stay is that the debtor has filed Chapter 7 Bankruptcy or Chapter 13 Bankruptcy and does not want to use the bankruptcy to keep their house or car.
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.