A West Virginia Notice of Motion to Lift-Terminate-Modify Automatic Stay is a legal document filed with the court in order to lift, terminate, or modify an automatic stay that had been previously issued in a bankruptcy case. The motion must be filed by a creditor or the debtor and must include the reasons why the stay should be lifted or modified. It must also include a proposed order for the court to consider. There are three types of West Virginia Notice of Motion to Lift-Terminate-Modify Automatic Stay: 1) Motion to Lift Automatic Stay; 2) Motion to Terminate Automatic Stay; and 3) Motion to Modify Automatic Stay. Each type of motion must include the relevant details and information as required by the court.
West Virginia Notice of Motion to Lift-Terminate-Modify Automatic Stay
State:
West Virginia
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WV-SKU-0047
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Notice of Motion to Lift-Terminate-Modify Automatic Stay
How to fill out West Virginia Notice Of Motion To Lift-Terminate-Modify Automatic Stay?
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FAQ
A motion to lift stay is a suit filed by a creditor in a bankruptcy case against a debtor. The lawsuit aims at helping a creditor to repossess the collateral. If well-executed, it enables a creditor to get back a car, or any collateral surrendered in a bankruptcy case.
How Long Does an Automatic Stay Last? The automatic stay remains in effect until your case is closed. But, of course, it isn't always that simple. For Chapter 7, it's often the case that a stay will last the 3-5 months the court case is open.
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 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.
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.