A New Mexico Order Striking Bankruptcy Case and Annulling Automatic Stay is a legal document issued by a court in the state of New Mexico that allows a debtor to dismiss a bankruptcy case and terminate the automatic stay, which prevents creditors from taking certain actions against the debtor. There are two types of New Mexico Order Striking Bankruptcy Case and Annulling Automatic Stay: voluntary and involuntary. A voluntary order is issued when the debtor petitions the court to dismiss the bankruptcy case. An involuntary order is issued when a creditor or group of creditors petitions the court to dismiss the case. Both types of orders will stop the automatic stay and allow creditors to take certain actions against the debtor.
New Mexico Order Striking Bankruptcy Case and Annulling Automatic Stay
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New Mexico
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NM-SKU-0075
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Word
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Order Striking Bankruptcy Case and Annulling Automatic Stay
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FAQ
This Standard Clause for use in a forbearance or restructuring agreement provides for a defaulting borrower to waive its right to assert the automatic stay against a lender if it later files for bankruptcy. This Standard Clause has integrated notes with important explanations and drafting tips.
If you have been a debtor in two or more bankruptcy cases dismissed within the last year, no automatic stay goes into effect and no stay will go into effect unless and until: 1) you request by motion that the court enter an order extending the stay; 2) the request is filed with the bankruptcy court within 30 days of
Now the Bankruptcy Code provides that the automatic stay is terminated if a debtor fails to (1) file a timely statement of intention with the bankruptcy court to reaffirm, redeem, or surrender property, AND (2) take timely action to perform the stated intention.
Automatic Stay -- Immediately after a bankruptcy case is filed, an injunction (called the "Automatic Stay") is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor's property.
Civil cases involving family or domestic issues - Most family court proceedings cannot be halted by the automatic stay, including child custody and paternity cases, as well as divorce cases addressing issues other than the division of marital property.
The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors. It stops all collection efforts, all harassment, and all foreclosure actions.
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.
What are the exceptions to the automatic stay under 11 U.S.C § 362? Establishing paternity; Establishing or modifying domestic support obligations, including child support and alimony; Child custody or visitation matters; Divorce proceedings; Domestic violence matters.