bankruptcy relief from automatic stay
[mage lang="en|de|en" source="flickr"]bankruptcy relief from automatic stay[/mage]
What is an automatic stay?
My husband and I filed bankruptcy for our credit cards. We kept our home and cars. Our neighborhood has become very dangerous and we put the house up for sale but stopped paying the mortgage because we will be moving sep 1. The mortgage is now 2 months behind, our bankruptcy case was confirmed March 2007. I just got a letter in the mail to return to court aug 30 because washington mutual (our second mortgage) has filed a relief from the automatic stay. What does this mean? I also noticed the bank that I have my car loan through is on the bottom it says subject to lien. Does anyone know what this could all mean? I will contact my attoorney tomorrow but in the mean time I wanted to get some info. Thanks in advance.
attorney**
When a bankruptcy is filed, an automatic stay is entered by operation of law. That means no one can make any collection attempts during the period of the stay. “Subject to lien” means you owe money on the car–like a mortgage on a house. If you want to keep the car, you can reaffirm the debt. If not, it’s a “secured” debt and the car can be repossessed after the stay expires.
Freedom Debt Relief – KRON4 TV Interview with Brad Stroh
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