A Mississippi Order Imposing Automatic Stay is a court order issued by a Mississippi court that prohibits creditors from taking any action to collect a debt from a debtor while a bankruptcy case is pending. This stay is automatically imposed when a bankruptcy petition is filed and prevents creditors from initiating or continuing any lawsuits, wage garnishments, bank levies, or other collection activities against the debtor. There are two types of Mississippi Order Imposing Automatic Stay: the general stay and the limited stay. The general stay applies to all the debtor's creditors and prevents them from taking any action to collect a debt. The limited stay applies to only certain creditors and prevents them from taking certain specified actions.
Mississippi Order Imposing Automatic Stay
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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.
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.
It forbids creditors from pursuing both formal and informal actions and remedies against the debtor and its property.
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.
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.
The most commonly sought exceptions are actions by parties to securities contracts to close out open positions; eviction of a debtor by a landlord where the lease has been fully terminated prior to the bankruptcy filing; actions by taxing authorities to conduct tax audits, issue deficiency notices, demand tax returns