Identify several of the reasons a secured creditor may seek relief from the Automatic Stay imposed by the court. Do only secured creditors have this right?
What will be an ideal response?
Creditors do have the right, upon filing a motion for relief from Automatic Stay with the bankruptcy court and serving the debtor and the trustee with proper notice of the motion, to request relief from the Automatic Stay.
In the case of a secured creditor, the creditor may have reason to believe that the collateral (often
a home) is no longer protected by hazard insurance due to the debtor's lack of payment, or the debtor, for whatever reason, has simply stopped making payments in his or her Chapter 13 plan toward the mortgage. The creditor may also be able to convince the court to lift the Automatic Stay if it can show that the debtor has no equity in the home. This type of showing can be compelling to the court simply because if no equity exists, the collateral serves no purpose in the bankruptcy case because there is nothing to distribute to the unsecured creditors and no homestead exemption the debtor can claim.
A parent who is owed child support from the debtor is a good example of a creditor who may file a motion to lift the Automatic Stay.
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a. true b. false
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A. extends the Exclusionary Rule to evidence indirectly obtained as a result of illegal police conduct. B. results in dismissal of police officers who act illegally. C. applies only to drug-related crimes. D. All of the above.
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A. ?you can count on a definite trial date. B. ?the trial date depends on the rate of completion of other trials. C. ?you may select the trial date most convenient for your client. D. ?you will have no idea when the trial date will come up.