Soemtimes a creditor will file a Motion for Relief from Automatic Stay in a bankruptcy case. This commonly occurs when the debtor owns real property that he/she is planning on surrendering. The purpose of this motion is to lift the automatic stay and allow the creditor the opportunity to continue with collection, or more commonly, foreclosure. In the above instance, a lender or mortgage holder will be able to continue with the foreclosure process if the motion is granted and sell the property quicker, without having to wait for the bankruptcy process to conclude.
http://www.westmontattorneys.com
No comments:
Post a Comment