Very limited automatic stay limit
Sounds good in theory, some ideas are not up to the utility. For example, major changes took two years before the bankruptcy code only effective one. The references are automatically changed me to stay. It is created immediately after the petition for stay of the bankruptcy automatic operation. Stay filed for bankruptcy protection when it is delivered to the most important.
Under the current law, only if the taxpayer has repeatedly automatic stay. If you have submitted the case dismissed within one year, if the debtor, for example, unless extended by court order, staying alive is just 30 days. It was designed to limit the increase in debt to creditors to present a second case. This theory argues is a good sound?
In practice, creditors, including mortgage companies is that security does not want to go back. Rather, they want their debts, this time, you will be able to succeed in their reorganization. Bankruptcy is complicated. This is the work they need to budget so that the debtor has never done before. In many cases, are known to wake up to realize the second round.
Therefore, to extend or move most of my company, go to the automatic stay imposed unanimously. This is the desired result, creditors are not intended to both lobby Congress. In fact, they are sufficient and what is merely thought. The value of their houses, which continue to grow as in the last 10 years did not know. They had no way of knowing that the subprime crisis has arrived.
Therefore, counsel for the debtor, the burden on office paper salesman, has pushed the bankruptcy court gave front appear to have only our everyday use. Currently, some courts have placed the qualifying campaign. The affidavit need some judges, the first case, more orders, particularly in relation to the program. The result is always the same. He had a claim to this day, against the imposition of automatic stay and extend my stay. The loans are given under the new bankruptcy code too many additional remedies.
To summarize, the more things change, the more people change. failure of the debtor, while protecting critical is the second time, even if it is. Maxim is secured creditors would be paid their true today as security for recovery was used rather than reform.
