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Motion for relief from stay regarding collateral - passive notice

Relief Stay Order

Name: Motion for relief from stay regarding collateral - passive notice
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.78 (374 reviews)

Category:

Bankruptcy - Sample Pleadings

State:

Multi-State

Control #:

US-BK-0005

Format:

Instant download

Description

Motion for relief from stay regarding collateral - passive notice A Motion for Relief from Stay Regarding Collateral — Passive Notice is a legal document used in bankruptcy proceedings in which a creditor seeks permission from the court to take possession of a debtor's property that is used as collateral for a loan. This type of motion is generally used when the debtor has failed to make payments on the loan or has otherwise defaulted on the terms of the agreement. There are two types of Motion for Relief from Stay Regarding Collateral — Passive Notice: the "active" and "passive" notices. The active notice requires the debtor to respond to the motion within a certain period of time, whereas the passive notice does not require the debtor to respond. If the debtor fails to respond to the motion within the prescribed period, the court may grant the creditor's motion and allow them to take possession of the collateral.

A Motion for Relief from Stay Regarding Collateral — Passive Notice is a legal document used in bankruptcy proceedings in which a creditor seeks permission from the court to take possession of a debtor's property that is used as collateral for a loan. This type of motion is generally used when the debtor has failed to make payments on the loan or has otherwise defaulted on the terms of the agreement. There are two types of Motion for Relief from Stay Regarding Collateral — Passive Notice: the "active" and "passive" notices. The active notice requires the debtor to respond to the motion within a certain period of time, whereas the passive notice does not require the debtor to respond. If the debtor fails to respond to the motion within the prescribed period, the court may grant the creditor's motion and allow them to take possession of the collateral.

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How to fill out Motion For Relief From Stay Regarding Collateral - Passive Notice?

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The most commonly 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

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 automatic stay provides a period of time in which all judgments, collection activities, foreclosures, and repossessions of property are suspended and may not be pursued by the creditors on any debt or claim that arose before the filing of the bankruptcy petition.

The automatic stay remains in effect until the case is closed or dismissed or, in an individual case, until the granting or denial of the debtor's discharge, whichever happens first. Creditors may file a Motion for Relief from the Automatic Stay requesting the stay be lifted to allow them to pursue their legal rights.

What are the exceptions to the automatic stay under 11 U.S.C § 362? Establishing paternity; Establishing or modifying domestic support obligations, including child support and alimony; Child custody or visitation matters; Divorce proceedings; Domestic violence matters.

A Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations. If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors. If the debtor does not put forth a plan, the creditors may propose one instead.

Civil cases involving family or domestic issues - Most family court proceedings cannot be halted by the automatic stay, including child custody and paternity cases, as well as divorce cases addressing issues other than the division of marital property.

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The automatic stay only applies to prepetition events and does not bar suit against the debtor based on a cause of action arising postpetition. A creditor will pick the appropriate mandatory form motion based upon what the creditor is asking the court for permission to do (i.e.This motion can be filed as a stand- alone motion or as alternative relief to a larger motion for relief from a stay or to dismiss the case. Because a party may. It does not cover "the act of passively holding onto an asset," nor does it impose an affirmative obligation to turnover property to the estate. Because a party may. The court denied the motion for stay on June 2, 2009. Civil: There is no waiting period unless the court has ordered a stay pending appeal.

Relief Stay Order

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