After the filing of a bankruptcy petition, the debtor needs protection from the collection efforts of its creditors. Therefore, the bankruptcy law provides that the filing of either a voluntary or involuntary petition operates as an automatic stay which prevents creditors from taking action against the debtor. This is similar to an injunction against the creditors of the debtor. The automatic stay ends when the bankruptcy case is closed or dismissed or when the debtor is granted a discharge. Anyone who willfully violates the stay in the case of an individual debtor can be liable for actual damages caused by the violation and sometimes liable for punitive damages.
Kentucky Motion to Extend Automatic Stay and Notice of Motion
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How to fill out Motion To Extend Automatic Stay And Notice Of Motion?
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Key Takeaways. An automatic stay stops creditors from trying to collect debts from a debtor who has filed for bankruptcy until court proceedings are completed. Creditors, collection agencies, and others who violate the automatic stay can be sued by the debtor.
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.
In some situations, a creditor might file a motion to lift the automatic stay. This would allow them to resume collection actions. One situation would be if you were behind on your payments for a secured loan, such as a mortgage or car payment, and the loan amount was greater than the value of the home or car.
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.
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.
Filing a Motion and Setting a Hearing Date -- A Motion for Relief from the Automatic Stay is commenced by filing the appropriate motion and setting the motion for a hearing date. To file a Motion for Relief from the Automatic Stay, the Local Bankruptcy Rules require parties to use mandatory forms.
What is a Motion for Relief From Stay? A motion for relief from automatic stay, also known as a stay relief motion, is something a creditor requests from the bankruptcy court. They essentially ask the court for permission to continue certain collection actions against you.
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.
