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 for Revised order to resolve Motion to Lift Stay

Wake North Carolina Sample Letter for Revised order to resolve Motion to Lift Stay

Name: Wake North Carolina Sample Letter for Revised order to resolve Motion to Lift Stay
Brand: US Legal Forms
Rating: 4.56 (294 reviews)

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Letters - Legal - Motions

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Multi-State

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Wake

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US-0813LTR

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

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How to fill out Wake North Carolina Sample Letter For Revised Order To Resolve Motion To Lift Stay?

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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.

A motion for relief from the automatic stay, also called a stay relief motion, is a request a creditor can submit to the bankruptcy court to ask for permission to take certain collection actions against the person who filed bankruptcy.

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.

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.

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.

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.

If the stay is lifted, then the creditor is free to pursue its collateral according to state law methods. In other words, the creditor can go after its collateral in the same methods it could have done prior to the debtor filing bankruptcy once the stay has been lifted.

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.

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.

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Wake North Carolina Sample Letter for Revised order to resolve Motion to Lift Stay

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