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West Virginia Order Confirming Termination of The Automatic Stay As to...

West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action

Name: West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action
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Category:

West Virginia Bankruptcy - Southern District

State:

West Virginia

Control #:

WV-SKU-0015

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Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action is an order issued by the court in the state of West Virginia when a debtor has failed to take timely action to protect their personal property collateral. This order grants the creditor the right to take action to collect the debt from the debtor, including seizing the collateral. The order also grants the creditor the right to file a motion for summary judgment against the debtor, allowing them to obtain a judgment against the debtor without a trial. There are two types of West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action: one for secured creditors and one for unsecured creditors. For secured creditors, the order grants the creditor the right to take possession of the collateral and liquidate it to satisfy the debt. For unsecured creditors, the order allows the creditor to obtain a judgment against the debtor for the full amount of the debt.

West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action is an order issued by the court in the state of West Virginia when a debtor has failed to take timely action to protect their personal property collateral. This order grants the creditor the right to take action to collect the debt from the debtor, including seizing the collateral. The order also grants the creditor the right to file a motion for summary judgment against the debtor, allowing them to obtain a judgment against the debtor without a trial. There are two types of West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action: one for secured creditors and one for unsecured creditors. For secured creditors, the order grants the creditor the right to take possession of the collateral and liquidate it to satisfy the debt. For unsecured creditors, the order allows the creditor to obtain a judgment against the debtor for the full amount of the debt.

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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.

Upon the filing of a bankruptcy, an injunction (called the ?Automatic Stay?) goes into effect which in most circumstances stops creditors from most collection actions. The stay arises by operation of law and requires no judicial action.

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.

Civil cases involving family or domestic issues - Most family court proceedings cannot be halted by the automatic stay, including child custody and paternity cases, as well as divorce cases addressing issues other than the division of marital property.

Generally, the stay automatically terminates on the earliest of: The case being closed or dismissed. The time a discharge is granted or denied.

If a creditor ?willfully? violates the automatic stay and this violation injures an individual, the law requires the creditor to pay the individual actual damages, including costs and attorney fees, and may be required to pay punitive damages to punish this violation of the Bankruptcy Code. See 11 U.S.C. § 362(k).

From a practical point of view, there are two ?types? of violations of the automatic stay that a filer deals with: (1) calls and/or debt collection letters, and (2) continuation of legal action, such as a pending lawsuit, garnishment, foreclosure or repossession.

Consequences for violations of the automatic stay and discharge injunction can be severe. Creditors that willfully violate the automatic stay may be liable to debtors for actual damages, including costs, attorneys' fees, and, in appropriate circumstances, punitive damages.

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Order Confirming Termination Of The Automatic Stay As To Personal Property Collateral For Failure To Take Timely Action Form. Motion To Confirm Termination Of The Automatic Stay As To Personal Property Collateral For Failure To Take Timely Action Form.Order Confirming Termination Of The Automatic Stay As To Personal Property Collateral For Failure To Take Timely Action. On request of a party in interest, the court shall issue an order under subsection (c) confirming that the automatic stay has been terminated. As its name suggests, the automatic stay prevents any further collection activity after the petition is filed. It forbids creditors from pursuing both formal and informal actions and remedies against the debtor and its property. House report on BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT OF 2005. Va.2007). After a hearing, the bankruptcy court entered an agreed order confirming that the automatic stay was terminated. C. Debtor's Failure to File Statement of Intention and Take Timely Action. Rule 2 does not affect the various remedies that previously have been available in the courts of Mississippi.

West Virginia Order Confirming Termination of The Automatic Stay As to Personal Property Collateral for Failure to Take Timely Action

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