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Under section 362(d)(1) of the House amendment, the court may terminate, annul, modify, or condition the automatic stay for cause, including lack of adequate protection of an interest in property of a secured party. It is anticipated that the Rules of Bankruptcy Procedure will provide that those hearings will receive priority on the calendar ...
- Uscode - 11 USC 363
Subject to the provisions of section 365, the trustee may...
- Uscode - 11 USC 363
24 Μαρ 2021 · On January 14, 2021, the U.S. Supreme Court held in City of Chicago v. Fulton, 592 U.S. __ (2021), that a creditor in possession of a debtor's property does not violate the automatic stay, specifically section 362 (a) (3) of the Bankruptcy Code, by retaining the property after the filing of a bankruptcy petition.
Under Bankruptcy Code section 362(a), the "automatic stay" applies at the moment a bankruptcy petition is filed. This offers a bankruptcy debtor protection FROM creditors who must file a "Relief from Stay" motion to ask the judge to terminate the stay to take action against the debtor or debtor's property outside of the bankruptcy court.
In the House amendment, jeopardy assessments against property which ceases to be property of the estate is already authorized by section 362 (c) (1). Other assessments are specifically stayed under section 362 (a) (6), while the issuance of a deficiency notice is specifically permitted.
25 Ιουν 2014 · Section 362(d) of the Bankruptcy Code gives the bankruptcy court discretion to terminate or modify the automatic stay. The grounds for relief under Section 362(d)(1) include not only cause but the lack of adequate protection.
Rather than merely saying broadly that the stay in § 362(a) is terminated, § 362(c)(3) provides that it is only the stay with respect to a debt and property that secures a debt or a lease that is terminated.
The amendment to section 362(c) remedies this problem by terminating the automatic stay in cases filed by an individual debtor under chapters 7, 11, and 13 if his or her prior case was dismissed within the preceding year.
