Indiana Orders For Relief in an Involuntary Case is a court order issued when a creditor has filed a petition against a debtor in an involuntary bankruptcy case. In Indiana, the Order For Relief is issued by the U.S. Bankruptcy Court and is a judicial declaration that the debtor is legally unable to pay its debts and is now subject to the jurisdiction of the bankruptcy court. The Order For Relief also begins the automatic stay, which protects the debtor from creditor collection attempts. There are two types of Indiana Order For Relief in an Involuntary Case: a Chapter 7 Order For Relief and a Chapter 11 Order For Relief. Chapter 7 Order For Relief is issued when the debtor is declared insolvent, meaning that their debts are greater than their assets. In this case, the debtor’s assets are liquidated and the proceeds are used to pay off the creditors. Chapter 11 Order For Relief is issued when the debtor is declared to be financially viable and able to reorganize their debts. In this case, the debtor is allowed to keep their assets and create a repayment plan to pay off their debts over a period of time.
Indiana Order For Relief in an Involuntary Case
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FAQ
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.
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.
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.
The Motion for Relief is the creditor's way of asking the Court for permission to contact and collect from a debtor during the life of a bankruptcy. In order to do so, the Court must hold a hearing on the Motion for Relief and the Court must grant an Order for Relief to the creditor.
"Order for relief" is to a court order determining that a debtor is subject to the control of the bankruptcy court. It means a debtor obtain a discharge from all debts that arose before the date of the order for relief. It is obtained through a properly filed voluntary petition.
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.
The most common reason for a creditor to make a motion for relief from the automatic stay is that the debtor has filed Chapter 7 Bankruptcy or Chapter 13 Bankruptcy and does not want to use the bankruptcy to keep their house or car.
The Stay Has Been Lifted ? Now What? Once a creditor gets a court order lifting the automatic stay, they are allowed to move forward with foreclosure or repossession of the property that secures the debt. That said, the creditor still needs to follow state law for their collection or eviction proceedings.