this was posted on pacer...what does it mean?

[Molly430]

Hearing Held ( RE: related document(s), Motion from relief of stay filed by Creditor St. Louis Community Credit Union) -Granted-submit order.


This was posted on Pacer today...what does it mean?

[southernbelle]

Looks like the Credit Union petitioned the court to lift your automatic stay and it was granted. Do you have a car with them? I'm not sure if they would have to lift the stay to repo a car or not, but that might be it.

[Molly430]

I voluntarily repoed the car...what is automatic stay? i am so confused by the lingo.

[JoeBankrupt33]

I'm pretty sure they can't take your car unless they officially get a relief of stay. The releif of stay is for secured creditors who want to take their stuff back before you are discharged.

The automatic stay is started the day you file. Creditors are no longer allowed to perform certain actions, like calling you, garnishing wages, reposessing cars, or foreclosing on mortgages. This continues until your case is dismissed, discharged, or closed for any other reason. The stay can be shorter if you've had a case dismissed recently.

[lrprn]

I voluntarily repoed the car...what is automatic stay? i am so confused by the lingo.

When you file bankruptcy, the bk court immediately protects you from further contact by your creditors. The creditors cannot request payment and cannot send you bills any longer once they know you filed bk and have your case number. This is the automatic stay - it's the most powerful protection you have from further harrassment by your creditors after filing.

Because you voluntarily surrendered your car, because of the automatic stay your car lender can't contact you directly. They must officially request the court to allow them to repossess your car ("lift the stay").

Does this help make this concept a little clearer?

[Molly430]

ok...so even though i surrendered the car already, they have to go through the courts to "legally" take it back?

[lrprn]

ok...so even though i surrendered the car already, they have to go through the courts to "legally" take it back?

That's exactly right. It's just a routine procedure when surrendering an asset when filing.