A Motion for relief from stay regarding collateral — hearing is a hearing held by a bankruptcy court to determine whether a creditor should be allowed to take possession of collateral property that is being held as security for a debt. This hearing is requested by the creditor in a motion for relief from stay, asking the court to lift the automatic stay that was imposed when the debtor filed for bankruptcy protection. In the hearing, the creditor must present evidence that the secured debt is valid and that the property being held as collateral is necessary to satisfy the debt. The debtor must then present evidence as to why the court should not grant the relief from stay. The court will then make a decision based on the evidence presented. There are two types of Motion for relief from stay regarding collateral — hearing: an adversary hearing and an uncontested hearing. An adversary hearing is a contested hearing where both parties have the opportunity to present evidence and argue their case to the court. An uncontested hearing is when the debtor does not oppose the motion for relief from stay, and the court will likely grant the motion.
Motion for relief from stay regarding collateral - hearing
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How to fill out Motion For Relief From Stay Regarding Collateral - Hearing?
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FAQ
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.
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.
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.
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.
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.
Now the Bankruptcy Code provides that the automatic stay is terminated if a debtor fails to (1) file a timely statement of intention with the bankruptcy court to reaffirm, redeem, or surrender property, AND (2) take timely action to perform the stated intention.
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.