Oregon Notice of Motion For Relief From Automatic Stay In Chapter 11 Or 12 Case is a filing with the U.S. Bankruptcy Court for the District of Oregon, used by a creditor to seek an order from the court that lifts the protection of the automatic stay. This protection is granted to the debtor under the Bankruptcy Code, and it prohibits creditors from taking any action to collect a debt while the debtor is in bankruptcy. The Notice of Motion For Relief From Automatic Stay requests a hearing date for the creditor to present its case before the court. There are two types of Oregon Motion For Relief From Automatic Stay: one for Chapter 11 cases and one for Chapter 12 cases. In a Chapter 11 case, the motion is seeking relief from the automatic stay with respect to the debtor's property, such as a house, car, or other assets. In a Chapter 12 case, the motion is seeking relief from the automatic stay with respect to the debtor's debts, such as credit card or loan payments.
Oregon Notice of Motion For Relief From Automatic Stay In Chapter 11 Or 12 Case
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FAQ
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 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.
Filing a Motion and Setting a Hearing Date -- A Motion for Relief from the Automatic Stay is commenced by filing the appropriate motion and setting the motion for a hearing date. To file a Motion for Relief from the Automatic Stay, the Local Bankruptcy Rules require parties to use mandatory forms.
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
A Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations. If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors. If the debtor does not put forth a plan, the creditors may propose one instead.
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 automatic stay provides a period of time in which all judgments, collection activities, foreclosures, and repossessions of property are suspended and may not be pursued by the creditors on any debt or claim that arose before the filing of the bankruptcy petition.