How do you get around an automatic stay?

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.

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Sample Letter regarding Answer to Motion for Relief from the...

Suffolk New York Sample Letter regarding Answer to Motion for Relief from the Automatic Stay and Abandonment

Name: Suffolk New York Sample Letter regarding Answer to Motion for Relief from the Automatic Stay and Abandonment
Brand: US Legal Forms
Rating: 4.67 (288 reviews)

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Letters - Legal - Bankruptcy

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Multi-State

County:

Suffolk

Control #:

US-0418LTR

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This form is a sample letter in Word format covering the subject matter of the title of the form.

How to fill out Suffolk New York Sample Letter Regarding Answer To Motion For Relief From The Automatic Stay And Abandonment?

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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.

To obtain relief, the creditor must file a motion to request relief, which is usually done soon after the debtor files for bankruptcy. If grounds are shown for why the creditor should be granted a relief from stay, then notice must be sent to the relevant parties.

As mentioned before, the automatic stay ends when the discharge is entered because it's no longer necessary. There is another way for the automatic stay to end automatically and without the need for the creditor to file a motion with the court.

Motion for Relief from Stay and Abandonment is one filed under the Bankruptcy code for conditioning, modifying or dissolving the automatic stay imposed by § 362 of the Bankruptcy Code and for abandonment of property under § 554 of the Bankruptcy Code.

Adequate Protection Compensates Secured Creditors for Postpetition Declines in the Value of Their Collateral. Derived from Fifth Amendment property protections under the due process clausecreditors cannot be deprived of their property without due process.

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.

Order for relief refers to an actual court order determining that a debtor is subject to the control of the bankruptcy court. The Bankruptcy Code enables a debtor to obtain a discharge from all debts that arose before the date of the order for relief. A voluntary petition constitutes an order for relief.

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.

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Suffolk New York Sample Letter regarding Answer to Motion for Relief from the Automatic Stay and Abandonment

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How to fill out Suffolk New York Sample Letter Regarding Answer To Motion For Relief From The Automatic Stay And Abandonment?

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