Mississippi Default Order Granting Relief From Automatic Stay is a court order issued by a Mississippi court in which the automatic stay that was imposed on a debtor is lifted. The automatic stay is a legal protection that prevents creditors from collecting a debt while a bankruptcy case is in process. The Mississippi Default Order Granting Relief From Automatic Stay is typically issued when a debtor has failed to file a response to a creditor’s motion for relief from the automatic stay. There are two types of Mississippi Default Order Granting Relief From Automatic Stay: one for secured creditors and one for unsecured creditors. The secured creditor’s order grants relief from the automatic stay for the collateral securing the debt, while the unsecured creditor’s order grants relief from the automatic stay for all other debts.
Mississippi Default Order Granting Relief From Automatic Stay
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FAQ
The automatic stay remains in effect until the case is closed or dismissed or, in an individual case, until the granting or denial of the debtor's discharge, whichever happens first. Creditors may file a Motion for Relief from the Automatic Stay requesting the stay be lifted to allow them to pursue their legal rights.
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.
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.
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.
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.
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.
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.