A South Carolina Settlement Order on Motion for Relief From Stay is a document issued by a court in South Carolina that grants a creditor's motion for relief from a stay of proceedings. This type of order may be issued when a debtor has failed to make payments on a debt, or when a debtor has filed for bankruptcy. This order allows creditors to pursue collection actions against the debtor, including garnishing wages or seizing assets. There are two types of South Carolina Settlement Order on Motion for Relief From Stay: Interim and Final. An Interim Order is a temporary order that grants the creditor's motion to lift the stay of proceedings. A Final Order is a permanent order that terminates the stay of proceedings and allows the creditor to pursue collection efforts against the debtor.
South Carolina Settlement Order on Motion for Relief From Stay
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FAQ
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.
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 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).
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.