Order Relief In For Meaning
Description
How to fill out Order For Relief In An Involuntary Case - B 253?
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FAQ
The determination that a person or entity is a debtor under the Bankruptcy Code. In a voluntary bankruptcy case, the filing of the bankruptcy petition constitutes an order for relief (§ 301(b), Bankruptcy Code). In an involuntary bankruptcy case, the court must enter an order for relief (§ 303(h), Bankruptcy Code).
An order for relief invokes the automatic stay and brings down an iron curtain, separating the pre-bankruptcy from the post-bankruptcy debtor, creating a bankruptcy estate and prohibiting unauthorized transfers of the debtor's property.
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.
Generally, a pre-petition waiver of a right created by the Bankruptcy Code is unenforceable. 1 However, under certain circumstances a waiver of the automatic stay may be enforceable, so creditor and debtor practitioners should be cognizant of those circumstances when negotiating stay waivers.
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.