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The Bankruptcy Automatic Stay: It's Not the End of the World

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  • How do you end bankruptcy?

    Dismissal can occur because a debtor requested the dismissal and qualifies for voluntary dismissal.
    Dismissal can also occur without a debtor's consent if the court orders dismissal on its own, or a trustee or a creditor files a motion to dismiss the bankruptcy case and the court grants the motion.

  • What is the basis for relief from the automatic stay?

    A secured creditor may obtain relief from the automatic stay for acts against property if both the: Debtor does not have equity in the property.
    Property is not necessary to an effective reorganization.

  • What is BK cramdown?

    Cramdowns are reductions in the amount owed to creditors, often part of a Chapter 13 bankruptcy filing.
    Cramdown provisions allow bankruptcy courts to ignore objections by creditors to recognize debts.

  • A proof of claim is a form used by the creditor to indicate the amount of the debt owed by the debtor on the date of the bankruptcy filing.
    The creditor must file the form with the clerk of the same bankruptcy court in which the bankruptcy case was filed.

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The Bankruptcy Automatic Stay: It's Not the End of the World