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In order to obtain relief from the automatic stay, a creditor must make a motion before the court. He must provide a justification for the court's lifting the stay. Such justifications are that the debtor has no equity in the property, and that the property is not needed for a reorganization.

The most commonly sought exceptions are actions by parties to securities contracts to close out open positions; eviction of a debtor by a landlord where the lease has been fully terminated prior to the bankruptcy filing; actions by taxing authorities to conduct tax audits, issue deficiency notices, demand tax returns ...

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.

Section 362(b)(4) of the Bankruptcy Code states that Automatic stays do not apply to the continuation of actions or proceedings by government units to enforce against the government's police and regulatory power. This exception applies to the government's enforcement of laws impacting health, morals, and safety.

One of the most important schedules is Schedule “C,” which lists a debtor's exempt property. One of the primary purposes of the United States bankruptcy system is to provide Americans with a “fresh start” when they have experienced financial turmoil.

How do you fill out the Schedule C form? your business' income for the tax year. receipts or lists of your business expenses. inventory information including detailed costs (if applicable to your business) mileage records and expenses for the business use of your vehicle.

You'll transfer all the property you can claim as exempt from Schedule A/B: Property onto Schedule C. In the first column, you'll list the item of property and the line the property appears on in Schedule A/B. You can lump together items of low value, such as kitchen items or clothing.

The exemption lists in most states include at least some equity in a home, a vehicle, personal belongings (such as clothing, furnishings, and jewelry), and the tools of your trade. Your state has a list of the property you can claim as exempt when you file for bankruptcy.

Credit card debt: Unsecured debts, such as credit card balances, are generally dischargeable in bankruptcy, providing relief for individuals struggling with high interest rates and mounting balances. Medical bills: Medical expenses can quickly accumulate, especially in the event of unexpected illness or injury.