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The automatic stay remains in effect until your case is closed. But, of course, it isn't always that simple. For Chapter 7, it's often the case that a stay will last the 3-5 months the court case is open. For Chapter 13, bankruptcy cases could take anywhere from 3-5 years.
Debt relief order (DRO) This is a way of cancelling, or 'writing off' your debts. You will not have to deal with the people you owe money to, also called 'creditors'.
Also called a wage earner's plan, Chapter 13 enables individuals with regular income to develop a plan to repay all or part of their debts. Under Chapter 13, you work with the court on a repayment plan to make installments to creditors over 3 to 5 years.
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.
A Motion for Relief from the automatic stay is basically a request from a creditor to the Bankruptcy Court for permission to take back collateral. Motions for Relief are set down for hearings before the Bankruptcy Court. In Northwest Georgia, these hearings are held at the Federal Building in downtown Rome GA.
"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.
A secured creditor may obtain relief from the automatic stay for acts against property if both the: Debtor does not have equity in the property. Property is not necessary to an effective reorganization.
An order for relief on an involuntary petition will be entered only after (i) the filing of a consent to its entry by the putative debtor, (ii) the filing of a certification of counsel that the petition has been served in ance with the Rules and that no answer has been filed by the putative debtor within the time ...