West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to File A Statement is a document issued by the court in West Virginia that confirms the termination of the automatic stay of a debtor’s personal property collateral for failure to file a statement. This document is also called a “Motion to Terminate the Automatic Stay”. The court must issue this Order when a debtor has failed to file a statement of their personal property collateral within the required time frame. This Order is used by creditors to enforce their rights to seize the debtor’s personal property collateral if they are not able to reach an agreement with the debtor. There are two types of West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to File A Statement. The first type is an Order for Termination of the Automatic Stay as to Property Collateral for Failure to File Statement. This type of Order is issued when a debtor has not filed a statement of their personal property collateral within the required time period, but the creditor is still able to reach an agreement with the debtor. The second type is an Order for Termination of the Automatic Stay as to Property Collateral for Failure to File Statement and for Immediate Seizure of Property. This type of Order is issued when a debtor has failed to file a statement of their personal property collateral within the required time period, and the creditor is unable to reach an agreement with the debtor.
West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to File A Statement
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FAQ
An automatic stay stops creditors from trying to collect debts from a debtor who has filed for bankruptcy until court proceedings are completed. Creditors, collection agencies, and others who violate the automatic stay can be sued by the debtor.
The automatic stay is tantamount to a court order and, thus, violation of the automatic stay by creditors can have serious repercussions. Attempts to repossess property, suits in court and other actions taken in violation of the automatic stay are generally void. In other words, they are given no legal effect.
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.
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.
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.
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.
Generally, the stay automatically terminates on the earliest of: The case being closed or dismissed. The time a discharge is granted or denied.