The North Carolina Motion to Extend Automatic Stay is a legal motion that is used to extend the period of time that creditors have to collect debt from a debtor. This motion allows a debtor to obtain additional time to restructure their debts and explore other options. The Automatic Stay is an injunction that is put in place by the court when a bankruptcy petition is filed, which stops creditors from taking action against the debtor. There are two types of North Carolina Motion to Extend Automatic Stay: 1) a Motion for Extension of Automatic Stay for Chapter 13 Bankruptcy; and 2) a Motion for Extension of Automatic Stay for Chapter 7 Bankruptcy. The Motion for Extension of Automatic Stay for Chapter 13 Bankruptcy is used when a debtor wishes to extend the Automatic Stay beyond the initial period of time granted by the court in order to complete their Chapter 13 repayment plan. The Motion for Extension of Automatic Stay for Chapter 7 Bankruptcy is used when a debtor wishes to extend the Automatic Stay beyond the initial period of time granted by the court in order to allow them additional time to explore alternatives to bankruptcy. The North Carolina Motion to Extend Automatic Stay is an important tool that a debtor can use in order to obtain additional protection from creditors and explore other options for resolving their debt.
North Carolina Motion to Extend Automatic Stay
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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
Because of the duration of the court case, a Chapter 7 automatic stay often lasts for three to four months. In contrast, the automatic stay remains effective on Chapter 13 bankruptcy cases throughout the duration of the debtor's repayment plan, assuming they comply with the terms.
Because of the duration of the court case, a Chapter 7 automatic stay often lasts for three to four months. In contrast, the automatic stay remains effective on Chapter 13 bankruptcy cases throughout the duration of the debtor's repayment plan, assuming they comply with the terms.
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.
Civil cases involving family or domestic issues - Most family court proceedings cannot be halted by the automatic stay, including child custody and paternity cases, as well as divorce cases addressing issues other than the division of marital property.
The stay requires creditors to cease actions against the debtor and the debtor's property as described in 11 U.S.C. § 362(a). The stay continues until either the case is dismissed or closed or, in an individual case, until the granting or denial of discharge.
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.
A court may grant relief from an automatic stay "for cause, including the lack of adequate protection of an interest in property."1 That refers to circumstances in which the value of a property or secured collateral may decrease while the bankruptcy case is being resolved.