Downfalls of the Automatic Stay – Athens Georgia bankruptcy lawyer
Madison County GA bankruptcy attorney
Loans from a pension – Despite the automatic stay, money may be withheld from your income to repay a loan from certain kinds of pensions like many job-related pensions and IRAs.
Multiple filings – If you had a bankruptcy case pending during the previous year, then the stay will automatically stop after 30 days unless you, the trustee, the U.S. Trustee, or a creditor requests for the stay to continue and demonstrates that the present proceeding was filed in good faith. If a creditor had a motion to lift the stay pending during the previous proceeding, the court will presume that you acted in bad faith, and you will have to overcome this presumption to enjoy the protection of the stay in your current proceeding.
Usually, a creditor can get around the automatic stay by petitioning the bankruptcy court to remove the stay, if it is not serving its intended objective. For instance, if you file for bankruptcy the day before your house is to be auctioned in foreclosure. You have no equity in the house, you cannot pay your mortgage arrears, and you have no way of retaining the house. The foreclosing lender can ask for permission to proceed with the foreclosure and that permission is likely to be given.
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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
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