A West Virginia Motion of (Creditor) for Relief From The Automatic Stay is a legal document that can be filed in West Virginia to request the court to lift the automatic stay. This is an order from the court that prevents creditors from collecting on a debt from the debtor while the debtor is in bankruptcy. The creditor must file a motion in the bankruptcy court in the jurisdiction in which the bankruptcy case is pending requesting relief from the stay. There are two main types of West Virginia Motion of (Creditor) for Relief From The Automatic Stay: Motion for Relief from the Automatic Stay (MRS) and Motion for Adequate Protection (MAP). A Motion for Relief from the Automatic Stay (MRS) requests the court to lift the automatic stay so that the creditor can collect on a debt from the debtor. A Motion for Adequate Protection (MAP) requests the court to provide the creditor with additional protection to ensure the creditor is adequately protected from any losses incurred while the automatic stay is in place.
West Virginia Motion of (Creditor) for Relief From The Automatic Stay
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How to fill out West Virginia Motion Of (Creditor) For Relief From The Automatic Stay?
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Creditors Obtaining Relief From the Automatic Stay -- If a creditor properly files and serves a Motion for Relief from the Automatic Stay, and a bankruptcy judge grants the Motion, the Automatic Stay will either be removed or modified so that the creditor can resume collection efforts against the debtor.
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.
First, once a person files a bankruptcy petition, the automatic stay immediately stops the bank from foreclosing on, or repossessing, the debtor's real or personal property. Examples include the debtor's home or her car. The automatic stay doesn't allow the debtor to avoid mortgage or car payments.
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.
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.
An automatic stay stops creditors from trying to collect debts from a debtor who has filed for bankruptcy until court proceedings are completed. Creditors, collection agencies, and others who violate the automatic stay can be sued by the debtor.
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.