What to do if a Motion for #Relief from #Stay is Filed in Your #Chapter 7 Case?

Interesting complete video relevant with credit Card, Cash Rebate, and What Happens to Secured Debt in Chapter 7, What to do if a Motion for #Relief from #Stay is Filed in Your #Chapter 7 Case?.

Chapter 7 #bankruptcy cases are different than a Chapter 13 case. In a Chapter 13 case you are restructuring your #debt through a repayment plan while in a Chapter 7 case you are #discharging your debt but you are not restructing any debt.

The Bankruptcy Code protect a debtor’s property from being #seized, #garnished, #repossessed, or #foreclosed without permission from the bankruptcy court. However, the bankruptcy automatic stay may not be “automatic” in all cases. Furthermore, the bankruptcy stay can be modified in certain circumstances.

It is very normal for secured creditors, regardless of whether or nor you are current on the loan, to file a motion for relief from stay.

Whether you file under Chapter 13 or Chapter 7 of the Bankruptcy Code, the bankruptcy stay stops creditors from taking certain actions to recover debts.
This “stay” will:
Stop Foreclosures
Stop Repossession
Stop Wage Garnishments
Stop Collection Lawsuits
Stop Creditor Harassment
Stop Lien Attachments

An automatic stay in a bankruptcy proceeding is a very important protection offered to a debtor who is trying to reorganize debts.

A creditor can file a motion for relief from the automatic stay in either a Chapter 7 or a Chapter 13. Many times creditors will just wait until your Chapter 7 case has been discharged (which usually takes about 4-5 months). However, a secured creditor may file this motion while you are still in your Chapter 7 case. Because you are in a Chapter 7 case and not a Chapter 13 case there is nothing to oppose in the motion. You don’t need to attend the court hearing but. you do need to make sure that if you want to retain that property you are current on that property and that you have executed a reaffirmation agreement to retain it. If you are planning on surrendering the property then once this motion is granted the creditor can repossess or begin foreclosure proceedings.

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What Happens to Secured Debt in Chapter 7, What to do if a Motion for #Relief from #Stay is Filed in Your #Chapter 7 Case?.

Credit Debt Relief – Why It Needs To Be Your Answer

There are two kinds of debt the secured and unsecured loan. Management, relief and consolidation all offer some type of service to your credit problems. An individual does not need to travel down this road alone.

What to do if a Motion for #Relief from #Stay is Filed in Your #Chapter 7 Case?, Explore most shared explained videos about What Happens to Secured Debt in Chapter 7.

Is Financial Obligation Holding You Back?

We spoke about the benefits of a Secured Debt combination loan, now let’s see the cons. This type of debt does not have security connected to it. Change your frame of mind about financial obligation.

Being under a financial obligation is a really undesirable circumstance. Not only does it snatch away your psychological peace, it drains you physically also. The consistent pressure of needing to clear a large amount of money as your debt is extremely frustrating. However to tell you the reality there is debt all over. In truth it is practically impossible to have a financial obligation totally free world where everything is transacted in regards to credit. But debt is all right as long as the situation is under control. Issues happen when you have to have a hard time to clear your debts, give up on the normal functioning of life and when your entire world seems to be focusing on eliminating the financial obligation. You loose out on your social and household life too.

The only financial obligation flexible is unSecured Debt. You can eliminate your credit card debt however we will come to that later on. If the financial obligation has actually been secured with any security, the financial institutions will not work with you. It is really essential to keep in contact with the creditor in case you fall back in payments on a protected financial obligation. Work with them by all methods and never avoid their calls. The creditor has the power to repossess or put liens on your home in case you fail to pay on a Secured Debt.

Once you have all your information put together, make your call. Know what you are going to request for before you position the call. Be short regarding why you would like a much better rate, but be to the point. Remind them what other companies are offering which you are believing of moving your service. Ask them if they have any other rate they might use to keep you there.

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Charge card negotiations may be easier considering that the financial obligation is long-lasting Revolving Debt. The financial institution wants you to keep their card and continue costs. If you are behind on their payments, it does not hurt to try energy business.

Possibilities are high that you probably use one or 2 credit cards on a routine basis. The remaining charge card tag along in your wallet simply as a status sign. Or, you might be carrying these around.

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Some individuals nevertheless, think the other method round. Whatever that you do financially in some way ends up on your credit report. Financial obligation relief networks can make you Debt Free without any stress or worries.

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