West Virginia Sample Letter for Hearing on Motion for Relief from Automatic Stay
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How to fill out Sample Letter For Hearing On Motion For Relief From Automatic Stay?
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FAQ
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.
Creditors must submit a written request to the bankruptcy court detailing why they request that the automatic stay be lifted, and they must include supporting documentation and evidence. The motion must also be served on all the parties involved in the case, including the debtor, giving them a chance to respond.
Two main methods exist for fighting a motion for relief from automatic stay. These types are ?procedural? and ?substantive? objections. Basically, procedural objections challenge the manner in which the motion was filed, while substantive objections challenge the actual substance of the motion.
A borrower's pre-bankruptcy waiver of the automatic stay is more likely to be enforced if contained in a forbearance agreement or an agreement approved by the court in a previous bankruptcy case.
A proof of claim is a form submitted by a creditor in order to receive money from a debtor who has filed for bankruptcy. The document provides notice of the claim to all of the other relevant parties involved in the bankruptcy, including the court, the debtor, and any other creditors.
When relief from stay is granted, it does not remove the property from the bankruptcy estate or grant the creditor ownership of the property. It simply removes the stay and restores the parties to their state law rights.
What Does "Post-Petition" Mean? Post-petition refers to anything that occurs after you've filed for bankruptcy. Conversely, the term ?pre-petition? is used to refer to anything that happened before you filed for bankruptcy. Only ?pre-petition? debts are dischargeable in bankruptcy.
If the debtor is unable or unwilling to provide adequate protection to a secured creditor, there is sufficient cause for the court to order relief from the stay (§ 362(d)(1), Bankruptcy Code). The creditor can then foreclose on the collateral and realize an amount sufficient to recover the balance due on the debt.
