What does relief from stay mean

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Opperman Judge Joel D. Applebaum Judge Lisa S. Gretchko Judge Maria L. Oxholm Judge Mark A. Randon Judge Thomas J. Trustee Filing without an Attorney from uscourts. There is no specific form required for the Motion. Is there a filing fee? What is a Certificate of Service?

When you file a Chapter 13 bankruptcy an automatic stay goes into effect immediately upon the filing of your case. The Automatic Stay prevents creditors from taking any further action against you without authorization from the Bankruptcy Court, including repossessing your car or foreclosing on your house.

In most Chapter 13 Plans, the Debtor is required to make payments to their secured creditors outside the Plan. When these payments are not made, a secured creditor can file a Motion for Relief seeking relief from the Automatic Stay so they can take action against the collateral i.

Now if for any reason there was extra money available after a foreclosure or repossession you might be entitled to all or a portion of the proceeds if your exemptions cover it. There is another way for the automatic stay to end automatically and without the need for the creditor to file a motion with the court.

There are some important dates to know in the bankruptcy process regarding the automatic stay. Finally, you can state that you intend to retain the property which means you simply remain current on your payments or the creditor can repossess it. The automatic stay can be impacted if you have filed any prior bankruptcies. In either situation, it is a good idea to consult with a bankruptcy attorney for some professional help before filing a new case.

The automatic stay is a key benefit in any bankruptcy filing and is often a motivating factor for someone to file bankruptcy. It can offer a significant level of protection during your case to keep creditors off your back until your case has officially ended and you are able to move forward with a fresh financial start.

Attorney Eva Bacevice. Eva G. Bacevice graduated from the University of Michigan Law School in She practiced law for close to a decade in the area of consumer bankruptcy.

She now works in higher education as an Academic Advisor for undergraduate students at the Stephen M. Ross School of Business, Take our screener or read our bankruptcy F. Upsolve is a c 3 nonprofit that started in Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges.

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We are funded by Harvard University, will never ask you for a credit card, and you can stop at any time. Free Articles. Bankruptcy Tool. Filing Guide. In a Nutshell The automatic stay is one of the main benefits of filing for bankruptcy. Read more posts about "What does "the automatic stay has been lifted" mean? Join Expert Community. Written By:.