Virginia Consent Order Modifying Automatic Stay [SO No. 10-2, Form A] is a form used in Virginia to give consent to a modification of the Automatic Stay by a debtor. The Automatic Stay is a legal provision that halts most collection activities while a debtor is in the process of filing for bankruptcy. The Virginia Consent Order Modifying Automatic Stay [SO No. 10-2, Form A] is used to allow a creditor to proceed with collection activities while the debtor is in the process of filing for bankruptcy. There are two different types of Virginia Consent Order Modifying Automatic Stay [SO No. 10-2, Form A], one for individuals and one for businesses. The form must be completed and signed by both the debtor and the creditor in order to be valid.
Virginia Consent Order Modifying Automatic Stay [SO No. 10-2, Form A]
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Virginia
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VA-BKR-885E
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Consent Order Modifying Automatic Stay [SO No. 10-2, Form A]
How to fill out Virginia Consent Order Modifying Automatic Stay [SO No. 10-2, Form A]?
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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.
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.
Because of the duration of the court case, a Chapter 7 automatic stay often lasts for three to four months. In contrast, the automatic stay remains effective on Chapter 13 bankruptcy cases throughout the duration of the debtor's repayment plan, assuming they comply with the terms.
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
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.
A court may grant relief from an automatic stay "for cause, including the lack of adequate protection of an interest in property."1 That refers to circumstances in which the value of a property or secured collateral may decrease while the bankruptcy case is being resolved.
The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors. It stops all collection efforts, all harassment, and all foreclosure actions.