Ohio Motion to Extend Automatic Stay and Notice of Motion

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Multi-State
Control #:
US-03255BG
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Word; 
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Description

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.

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FAQ

Extending the Automatic Stay Prepare a motion explaining why your filing isn't in bad faith. Set the motion hearing date no more than 30 days after your bankruptcy filing date. Timely serve the creditors, the trustee, and the U.S. Trustee with your motion.

An ?automatic stay? protects a bankruptcy debtor from creditors' collection activities and halts all judicial and administrative collection proceedings (including proceedings pending before the U.S. Tax Court). The stay is effective immediately after the bankruptcy petition is filed.

The Automatic Stay As with cases under other chapters of the Bankruptcy Code, a stay of creditor actions against the chapter 11 debtor automatically goes into effect when the bankruptcy petition is filed.

Under Bankruptcy Code section 362(a), the "automatic stay" applies at the moment a bankruptcy petition is filed. This offers protection from creditors who must file a "Relief from Stay" motion to ask the judge to terminate the stay to take action against the debtor or debtor's property outside of the bankruptcy court.

The automatic stay lasts as long as the bankruptcy proceeding continues, and it ceases if the case is dismissed. The length of the stay also depends on whether it applies to collection activity directed toward the debtor personally or toward their property.

The scope of the ?Property of the estate? protected by the automatic stay is very broad, encompassing all of the debtor's property and rights to property, and the Bankruptcy Code at 11 U.S.C. § 541 defines what is and is not property of the estate.

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.

Once an automatic stay is in place, no one creditor can attempt to collect on a debt to the detriment of other creditors. Be sure to list all creditors in your bankruptcy filing so they are informed that the process (and automatic stay) is in effect.

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Ohio Motion to Extend Automatic Stay and Notice of Motion