Relief from Stay Motions
Pursuant to §362(a) of the United States Bankruptcy Code (the "Code"),
immediately upon the filing of a bankruptcy petition, the so-called "automatic
stay" goes into effect. The automatic stay is an injunction that
prohibits creditors from beginning or continuing judicial proceedings
against the debtor, from repossessing the debtor's property, from
creating, perfecting, or enforcing a lien against the debtor's property,
or from taking a "set-off" for pre-petition debt. Unless a creditor
is granted relief from the automatic stay, the stay is effective for the
duration of a debtor's bankruptcy case.
Relief from the automatic stay is necessary for a creditor to commence
or continue with a real estate foreclosure, to repossess a motor vehicle
or mobile home, or to evict a tenant. Relief from the automatic stay is
necessary even if the debtor "surrenders" an asset to a secured
creditor by way of the debtor's "Statement of Intention"
in a Chapter 7 case or through the debtor's proposed plan in a Chapter
13 case. In certain circumstances, the automatic stay may be forfeited
by the debtor.
Pursuant to §362(h) of the bankruptcy code, the automatic stay terminates
with regard to personal property that secures a prepetition debt if the
debtor fails to timely state and then perform his or her intention to
surrender, redeem, or reaffirm the property.
Seek Professional Representation from D. Baker Law Group, P.C.
It is almost evitable in today's economic climate that a lender will
encounter a borrower who has defaulted on a secured loan and filed for
bankruptcy protection, typically under Chapter 7 or Chapter 13. At D.
Baker Law Group, P.C., we stand ready to immediately seek relief from
the automatic stay so that the creditor can move swiftly and efficiently
against the collateral in question.
David M. Baker, Esq.-
your Massachusetts and Rhode Island Creditors' Rights Law Attorney!
schedule your case evaluation? Simply
call our firm today.