Negatives of the Automatic Stay – Macon Georgia bankruptcy law firm
Loans from a pension – Despite the automatic stay, money may be withheld from your wages to pay back a loan from certain kinds of pensions such as most work-related pensions and IRAs.
Multiple filings – If you had a bankruptcy case pending during the previous year, then the stay will automatically terminate after 30 days unless you, the trustee, the U.S. Trustee, or a creditor asks for the stay to continue and establishes 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 get the protection of the stay in your current case.
Usually, a creditor can avoid the automatic stay by requesting the bankruptcy court to lift the stay, if it is not serving its intended purpose. For instance, if you file for bankruptcy the day before your house is to be sold in foreclosure. You have no equity in the house, you are unable to pay your mortgage arrears, and you have no way of keeping the home. The foreclosing creditor can petition for permission to proceed with the foreclosure and that permission is likely to be given.
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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
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