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.
North Carolina Motion to Extend Automatic Stay and Notice of Motion
Instant download
Description
Free preview
How to fill out Motion To Extend Automatic Stay And Notice Of Motion?
Have you been in a place where you need to have paperwork for sometimes organization or person reasons almost every working day? There are plenty of lawful record layouts available on the net, but getting versions you can trust isn`t simple. US Legal Forms delivers 1000s of kind layouts, just like the North Carolina Motion to Extend Automatic Stay and Notice of Motion, which are published to satisfy federal and state requirements.
Should you be presently familiar with US Legal Forms site and have a merchant account, merely log in. After that, you may down load the North Carolina Motion to Extend Automatic Stay and Notice of Motion format.
Unless you offer an bank account and need to begin to use US Legal Forms, follow these steps:
- Get the kind you want and make sure it is to the appropriate metropolis/state.
- Utilize the Preview option to review the form.
- See the outline to actually have selected the appropriate kind.
- When the kind isn`t what you`re seeking, use the Look for discipline to discover the kind that meets your requirements and requirements.
- Whenever you discover the appropriate kind, simply click Get now.
- Opt for the costs strategy you desire, fill out the necessary information to create your money, and pay for your order using your PayPal or bank card.
- Choose a hassle-free data file file format and down load your backup.
Get each of the record layouts you have bought in the My Forms menus. You may get a further backup of North Carolina Motion to Extend Automatic Stay and Notice of Motion whenever, if possible. Just click the essential kind to down load or print out the record format.
Use US Legal Forms, probably the most extensive variety of lawful varieties, in order to save some time and avoid mistakes. The support delivers skillfully made lawful record layouts that you can use for an array of reasons. Produce a merchant account on US Legal Forms and initiate producing your way of life easier.
Form popularity
FAQ
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.
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.
Post-petition debt is a debt you obtain after filing your bankruptcy case. These debts are not part of your bankruptcy case and will not be discharged. Any debt you acquire after filing for bankruptcy (even if your case is still pending) is considered post-petition, and you are responsible for paying it.
Upon the filing of a bankruptcy, an injunction (called the ?Automatic Stay?) goes into effect which in most circumstances stops creditors from most collection actions. The stay arises by operation of law and requires no judicial action.
The automatic stay generally remains in place until the discharge is entered. Once that happens, you're no longer responsible for the unsecured debts incurred before your Chapter 7 was filed. The permanent protection from creditors provided by the discharge is much stronger than the automatic stay.
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.
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.
When it comes to filing Chapter 7 bankruptcy, debts incurred before filing are called pre-petition debts, that debtors are discharged from, whereas debts incurred after a filing are post-petition payments, which debtors still must pay on.
