relief from stay
- relief from stay
A creditor can ask the judge to lift the automatic stay and permit some action against the debtor or the property of the estate. If the motion is granted, the moving party (but no one else) is free to take whatever action the court permits. Relief can be absolute, for example, permitting the creditor to foreclose on property, or limited, as for example, allowing the recordation of a notice of default. (Bankruptcy in Brief)Certain creditors may obtain an order terminating the automatic stay to allow them to enforce their claims, foreclose on a mortgage or enforce other liens. A debtor can offer a creditor adequate protection to prevent the creditor from obtaining relief from the automatic stay.A bank holding a delinquent mortgage can move for relief from stay to foreclose. By offering to stay current on its payments, the debtor may prevent a relief from stay.also see adequate protection (Bernstein's Dictionary of Bankruptcy Terminology)
United Glossary of Bankruptcy Terms 2012.
- relief from stay
Certain creditors may obtain an order terminating the automatic stay to allow them to enforce their claims, foreclose on a mortgage or enforce other liens. A debtor can offer a creditor adequate protection to prevent the creditor from obtaining relief from the automatic stay.
A bank holding a delinquent mortgage can move for relief from stay to foreclose. By offering to stay current on its payments, the debtor may prevent a relief from stay.
also see Adequate Protection
US Bankruptcy 2012.
Glossary of Bankruptcy.
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