Ohio Sample Letter regarding Answer to Motion for Relief from the Automatic Stay and Abandonment

State:
Multi-State
Control #:
US-0418LTR
Format:
Word; 
Rich Text
Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

How to fill out Sample Letter Regarding Answer To Motion For Relief From The Automatic Stay And Abandonment?

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FAQ

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.

A motion for relief from the automatic stay is a creditor's way of asking the court for permission to eg. foreclose on a house or repossess a car. As soon as any type of bankruptcy is filed, an injunction called the automatic stay comes into place.

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.

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.

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.

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 ...

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Ohio Sample Letter regarding Answer to Motion for Relief from the Automatic Stay and Abandonment