Oregon Notice of Motion For Relief From Codebtor Stay Only In Chapter 12 Case is a legal document filed by a debtor in a Chapter 12 bankruptcy case to request relief from the automatic stay on a codebtor. The automatic stay is an injunction that prevents creditors from taking any action against the debtor or their property while the bankruptcy case is ongoing. The debtor must provide proof that the relief is necessary for the benefit of the bankruptcy estate or the debtor’s reorganization plan. There are two types of Oregon Notice of Motion For Relief From Codebtor Stay Only In Chapter 12 Case: (1) a voluntary motion, which is filed by the debtor himself, and (2) an involuntary motion, which is filed by a creditor or other interested party. The motion must be served on all affected parties, including the debtor, the creditor, and the trustee, and must include the debtor’s proposed plan for repayment.
Oregon Notice of Motion For Relief From Codebtor Stay Only In Chapter 12 Case
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FAQ
In Rem Relief from Stay affects the mortgaged property (In Rem from Latin means ?against a thing?). It prospectively eliminates the automatic stay from entering as to claims against the mortgaged property in future bankruptcy cases for two years, regardless of who files the bankruptcy case.
The most common reason for a creditor to make a motion for relief from the automatic stay is that the debtor has filed Chapter 7 Bankruptcy or Chapter 13 Bankruptcy and does not want to use the bankruptcy to keep their house or car.
The stay requires creditors to cease actions against the debtor and the debtor's property as described in 11 U.S.C. § 362(a). The stay continues until either the case is dismissed or closed or, in an individual case, until the granting or denial of discharge.
This Standard Clause for use in a forbearance or restructuring agreement provides for a defaulting borrower to waive its right to assert the automatic stay against a lender if it later files for bankruptcy. This Standard Clause has integrated notes with important explanations and drafting tips.
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.
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.
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.