[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Request to Sign Order for Agreed Relinquishment of Security and Right to Redeem Motion to Lift Automatic Stay, and Application Dear [Recipient's Name], I hope this letter finds you in good health. My name is [Your Name], and I am writing to formally request that you sign the Order for Agreed Relinquishment of Security and Right to Redeem Motion to Lift Automatic Stay and Application on behalf of [Your Company/Organization] in the matter of [Specify Case Title/Number]. This motion pertains to the jurisdiction of Allegheny County, Pennsylvania. As you may be aware, an automatic stay was imposed in accordance with [Specify Relevant Legal Proceedings or Chapter of Bankruptcy Code]. The purpose of this letter is to seek your consent to lift the automatic stay, allowing [Your Company/Organization] to proceed with the agreed-upon relinquishment of security and the opportunity to redeem any outstanding rights. Our motion, which has been carefully prepared in compliance with the laws and regulations of Pennsylvania, includes all the necessary supporting documentation provided by [Your Company/Organization]. Our legal team has diligently reviewed the case and believes that lifting the automatic stay is both warranted and in the best interest of all parties involved. By granting this request, you will enable [Your Company/Organization] the ability to pursue its lawful rights, exercise the identified relinquishment of security, and redeem any outstanding claims. We assure you that our actions are in accordance with the relevant legal provisions and aim to promote a fair and equitable resolution for all involved parties. Furthermore, we acknowledge that your time is valuable and offer full cooperation to expedite the signing and processing of the Order. We have attached the necessary documents to this letter and kindly request your prompt attention to this matter. Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Phone Number] or [Your Email Address]. Thank you for your cooperation and attention to this request. We look forward to a favorable response and a prompt resolution of this matter. Sincerely, [Your Name] [Your Title/Position] [Your Company/Organization] Enclosures: 1. Order for Agreed Relinquishment of Security and Right to Redeem Motion to Lift Automatic Stay 2. Supporting documentation.
Allegheny Pennsylvania Sample Letter regarding Request to sign order for Agreed Relinquishment of Security and Right to Redeem Motion to Lift Automatic Stay, and Application
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How to fill out Allegheny Pennsylvania Sample Letter Regarding Request To Sign Order For Agreed Relinquishment Of Security And Right To Redeem Motion To Lift Automatic Stay, And Application?
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FAQ
The automatic stay comes into effect instantly when the debtor files its bankruptcy case without the need for any court order. Even in circumstances in which an involuntary petition is filed under Section 303 of the Bankruptcy Code, the automatic stay applies.
The key numbers are 3 and 12. If the debtor has fewer than 12 creditors, then you can file the petition by yourself. If the debtor has more than 12 creditors, you must find 2 creditors to join you in the petition. The three of you must hold non-contingent, undisputed, and unsecured debts totaling at least $16,750.
In relation to Bankruptcy, motion to lift the stay is a request made by the party to the bankruptcy court for altering the automatic bankruptcy stay to allow the movant to act against the debtor or the debtor's property, as when a creditor seeks permission to foreclose on a lien since its security interest is not
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.
As mentioned before, the automatic stay ends when the discharge is entered because it's no longer necessary. But there are other ways for the automatic stay to end automatically without the need for the creditor to file a motion with the court.
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. Creditors can then enforce those rights to the extent that the relief from stay order permits.
The stay has been lifted now what? Once they get a court order lifting the automatic stay, the creditor is allowed to move forward with the foreclosure or repossession of the property that secures the debt. The creditor does, however, still need to follow state law for their collection or eviction proceedings.
What happens if an Order for Relief is granted? Once an Order for Relief is granted, it is like the Automatic Stay no longer exists for that specific creditor. Now the creditor can contact the debtor through mailings, phone calls, or collection agencies.
Usually, a creditor can get around the automatic stay by asking the bankruptcy court to remove ("lift") the stay. To avoid fines and penalties, the creditor must file a motion asking for permission to continue with collection efforts.
The automatic stay is an order that goes into place and stops most collection efforts during your bankruptcy. But the stay isn't absolute. A creditor can ask the bankruptcy court to lift the automatic stay and allow collection efforts to resume. If successful, the creditor can continue pursuing its debt.
