North Carolina Sample Letter regarding Answer to Motion for Relief from the Automatic Stay and Abandonment
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How to fill out Sample Letter Regarding Answer To Motion For Relief From The Automatic Stay And Abandonment?
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FAQ
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.
Creditors must submit a written request to the bankruptcy court detailing why they request that the automatic stay be lifted, and they must include supporting documentation and evidence. The motion must also be served on all the parties involved in the case, including the debtor, giving them a chance to respond.
Two main methods exist for fighting a motion for relief from automatic stay. These types are ?procedural? and ?substantive? objections. Basically, procedural objections challenge the manner in which the motion was filed, while substantive objections challenge the actual substance of the motion.
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.
In some situations, a creditor might file a motion to lift the automatic stay. This would allow them to resume collection actions. One situation would be if you were behind on your payments for a secured loan, such as a mortgage or car payment, and the loan amount was greater than the value of the home or car.
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.
A borrower's pre-bankruptcy waiver of the automatic stay is more likely to be enforced if contained in a forbearance agreement or an agreement approved by the court in a previous bankruptcy case.
The most 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 and make ...
