Asked in @US
Apr. 07, 2010
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How Does a Debtor Answer a Motion for Relief from Stay and Abandonment?
What is the legal response to the following motion? Motion for Relief from Stay and Abandonment is one filed under the Bankruptcy code for conditioning, modifying or dissolving the automatic stay imposed by _ 362 of the Bankruptcy Code and for abandonment of property under _ 554 of the Bankruptcy Code. The automatic stay prevents secured creditors from enforcing their lien rights. The stay on abandoned property usually ends on the date of discharge. The secured creditors can ask a Chapter 7 trustee to abandon his or her interest in their collateral. After notice and a hearing, the trustee may abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate. Secured creditors who are not content to wait for the discharge can request the Bankruptcy Court to lift the automatic stay on their collateral by having their attorney file a written motion.
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