Order For Relief From The Automatic Stay (Personal Property)

ORDER GRANTING [OR CONDITIONALLY DENYING] RELIEF FROM THE AUTOMATIC STAY. This form is used in the United States Bankruptcy Court, Middle District of North Carolina, in a Chapter 13 bankruptcy case. It relates to a motion for relief from the automatic stay filed by a party (referred to as "Movant") under 11 U.S.C. § 362 et seq. The purpose of the motion is to seek permission to take action with respect to specific personal property that is subject to the automatic stay. The form states that a hearing was held on a specified date regarding the Motion. It indicates that the Debtor(s) is/are in default to the Movant (creditor) to a degree that justifies granting the relief requested in the Motion. The court orders that the Motion is granted, and the stay is modified to allow the Movant to exercise its rights with respect to the identified Personal Property. If the request for relief is conditionally denied based on specific conditions, those conditions should be set forth in this section. The order also provides that the Movant is allowed 120 days from the entry of the order to file a documented deficiency claim based on the liquidation of the Personal Property. However, if the Movant fails to timely file the deficiency claim, the stay modification will be considered full satisfaction of the Debtor(s)' liability under the note secured by the Personal Property. Furthermore, any scheduled payments on the claim of the Movant secured by the Personal Property will terminate immediately due to the grant of relief from the stay. Upon the disposition of the Personal Property, the Movant must provide an explanation of any surplus proceeds to the Trustee, the Debtor(s)' attorney, and the Debtor(s) within 14 days. The Movant is also required to send payment of such surplus to the Trustee within 60 days, subject to further court orders regarding distribution. The form concludes by stating that the 14-day waiting period imposed by Rule 4001(a)(3) of the Federal Rules of Bankruptcy Procedure is waived, and the automatic stay is immediately modified. www.FormsWorkflow.com