| Secured Creditors and Relief From The
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| | creditors, the automatic stay may
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| Automatic Stay
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| | continue until the case is discharged. At
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| In certain circumstances, a secured
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| | that point, you likely be free from any
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| creditor can move the court for
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| | future obligation toward the creditor.
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| modification of the automatic stay so
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| | The Bankruptcy Estate
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| that they may pursue recovery of their
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| | What is the bankruptcy estate? The
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| collateral. For example, an auto finance
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| | bankruptcy estate is all of your property
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| company can petition to the court to
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| | as of the date of the bankruptcy filing,
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| modify the automatic stay if you are not
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| | wherever located and by whomever held.
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| making current payments toward the
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| | Every possible interest (contingent,
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| creditor, if you are not up to date with
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| | partial, legal or equitable) goes into
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| the creditor or if you are not properly
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| | the bankruptcy estate. Although there are
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| insuring the vehicle against loss. In
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| | exemptions which allow you to keep all or
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| those cases, the creditor will be granted
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| | a portion of your property, the property
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| its relief and will be permitted to
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| | is still technically considered property
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| recover the collateral despite the
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| | of the estate.
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| bankruptcy filing. In a Chapter 7
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| | The concept of the estate applies to
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| bankruptcy case, you will lose the right
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| | property owned at the time of filing.
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| to possess and own the vehicle; however,
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| | Most of what you acquire after the date
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| you will not be responsible for any
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| | of filing will remain your property.
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| outstanding debt related to the vehicle.
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| | However, there are a few exceptions to
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| This could be a tremendous relief for you
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| | this general rule.
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| by eliminating a huge vehicle loan
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| | If you inherit money or property within
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| obligation.
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| | six months after your case is filed, that
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| As it relates to real estate mortgage
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| | money or property will become property of
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| companies, the same situation as above
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| | the estate to the extent that it cannot
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| applies. The lender will petition the
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| | be exempted.
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| court for relief if you are not making
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| | If you receive a marital property
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| timely payments, if you are not current
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| | settlement that arises from a
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| with the loan, if you are not paying the
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| | pre-bankruptcy divorce or separation,
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| real estate taxes on the property or are
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| | then that property becomes property of
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| otherwise creating a hazard or risk to
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| | the estate to the extent that the
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| the lender. Thus, in a Chapter 7
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| | property cannot be exempted.
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| bankruptcy case, the automatic stay will
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| | Tax refunds that are received after the
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| only provide temporary relief to you as
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| | date of filing become property of the
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| it relates to secured creditors. As far
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| | estate to the extent that they cannot be
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| as general creditors and unsecured
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| | exempted.
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