Termination of Automatic Stay

[smallbiz]

This site is a relief and appreciate all the posts and experiences.

Filed CH 7 Buisiness in Dec 08 & had my 341 Feb 7. Everything is dragging on which has me concerned. I received an "agreed order terminating the automatic stay" on a vehicle in the business name. What does this mean and is this a good or bad thing? Seems like this opens up the bank to come after me for the outstanding debt on the vehicle or show it as repossed vs discharged on my credit report. If anyone has any information it is greatly appreciated. My attorney can't seem to call or email me back.

[StartingOver08]

The order to terminate the stay on the vehicle allows the bank to repossess the vehicle.

What did you select for the vehicle on your Statement of Intentions in the Ch 7 petition? Surrender?

As I understand your situation, you filed a CH 7 Business.
You own the vehicle in your business name.
Did you sign the loan in the business name only or did you also personally guarantee the loan?
Did you also file a personal Ch 7?
Most of the time the business info does not show on your personal credit report, unless you are in default.

We really do not have enough info yet from your post to answer the credit report issue.

[smallbiz]

Thanks for your reply.

It was a leased vehicle in the buisiness name. I do not believe we did a personal guaranteed on it. HOwever, I thought on other items we didnt and we did. So this to is of great concern. The vehicle was leased so we were just going to give it back. We were going to anyway when the lease was up.

Yes. Chapter 7 business however with lots of personal guarantees including an SBA. We have not filed yet b/c my attorney would like to see how the business one plays out. Also, now that I am back to work we are above the means test for a 7 so we are looking at a 13 which doesnt thrill me.

Thanks again for the reply and info.