Ohio Motion Of (Moving) For Relief from Stay-Chapter 13 is a motion filed in a Chapter 13 bankruptcy case in Ohio to request relief from the automatic stay. This motion is typically filed by a creditor, such as a mortgage lender, to allow them to proceed with foreclosure or repossession of property that is secured as collateral for a debt. The filing of this motion is required to be accompanied by an affidavit which provides evidence that the creditor has a valid claim, and that the granting of the motion will not prejudice the debtor. The court will then consider the motion and make a ruling whether to grant or deny the motion. There are two types of Ohio Motion Of (Moving) For Relief from Stay-Chapter 13: (1) Motion of Creditor for Relief from Stay, and (2) Motion of Debtor for Relief from Stay. The Motion of Creditor for Relief from Stay is generally filed by a creditor in order to proceed with foreclosure or repossession of a piece of property that is collateral for an unpaid debt. The Motion of Debtor for Relief from Stay is generally filed by the debtor in order to allow them to take certain actions related to their secured debt, such as modifying the loan terms, or selling the property.
Ohio Motion Of (Movant) For Relief from Stay-Chapter 13
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FAQ
The automatic stay is an order that goes into place when you file for bankruptcy and stops most collection efforts. But the stay isn't absolute, and a creditor can ask the bankruptcy court to lift the automatic stay and allow collection efforts to resume. If successful, the creditor can continue pursuing its debt.
The right of a secured creditor to receive protection against the decrease in value of its interest in the debtor's property during bankruptcy proceedings (§ 361, Bankruptcy Code).
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.
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 ?comfort order? is a bankruptcy term of art for an order confirming an undisputed legal result, and often is entered to confirm that the automatic stay has terminated. reaffirmation agreement, but no signed agreement was ever filed.
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.