What does 362(c)(3)(a) say about automatic stay?
1.1.1. Split Within the Ninth Circuit – “The plain text of § 362 (c) (3) (A) is crystal clear that the automatic stay is terminated with respect to the Debtor.” In re Rinard, 451 B.R. 12, 18 (Bankr. C.D. Cal. 2011). 1.2.
What does 362(c)(3)(a) do?
1. Termination of the Stay for Serial Filers “With Respect to the Debtor” Under 11 U.S.C. § 362 (c) (3) (A) Creates Circuit Split 1.1. Ninth Circuit BAP: “section 362 (c) (3) (A) terminates the automatic stay in its entirety on the 30th day after the petition date.” In re Reswick, 446 B.R. 362, 373 (B.A.P. 9th Cir. 2011) 1.1.1.
What is an automatic stay in bankruptcy?
The automatic stay (or the “stay”) is one of the most important protections and powerful tools available to a debtor in bankruptcy. It is provided for in section 362 of the Bankruptcy Code. Triggered immediately on filing of the bankruptcy petition, it automatically stops substantially all acts and proceedings against the debtor and its property.
When does an automatic stay expire in the Ninth Circuit?
Ninth Circuit BAP: “section 362 (c) (3) (A) terminates the automatic stay in its entirety on the 30th day after the petition date.” In re Reswick, 446 B.R. 362, 373 (B.A.P. 9th Cir. 2011) 1.1.1. Split Within the Ninth Circuit – “The plain text of § 362 (c) (3) (A) is crystal clear that the automatic stay is terminated with respect to the Debtor.”
Background
The IRS issued married taxpayers Daniel and Kelley Cochran a notice of deficiency for their 2011 tax year in 2016. The Cochrans timely filed a petition with the Tax Court challenging the IRS’s determinations. In February 2017, the Cochrans filed a Chapter 11 bankruptcy petition. In April 2017, the Cochrans informed the Tax Court that they had filed
The Tax Court’S Decision
The Tax Court held that the bankruptcy court’s confirmation of the Cochrans’ bankruptcy plan did not terminate the automatic stay in their Tax Court case. A bankruptcy filing generally triggers an automatic stay of Tax Court proceedings concerning the debtor-taxpayer under 11 U.S.C. Section 362(a)(8). Under 11 U.S.C. Section 362(c)(2), this automat
Reflections
While, generally, an automatic stay is lifted at “the earliest of ” the closing of the bankruptcy case, the dismissal of the bankruptcy case, or the granting or denial of a discharge to the debtor, there is an exception to this general rule in 11 U.S.C. Section 362(d). That subsection provides that, upon the request of “a party in interest” and aft
Current Developments Under 11 USC § 362
Bankruptcy Abuse of Consumer Creditors
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