Duggan Discusses Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
In the May 20th edition of the Philadelphia Business Journal Timothy Duggan, Chair of Stark & Stark's Bankruptcy & Creditor's Rights group, discussed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. In the article, Mr. Duggan questions how the state of the economy will factor into the passage of this new law and predicts an initial downturn in the credit-card industry as a result of a spike in consumer filings prior to the new law's effective date.
I have a residential tenant who has filed chapter 7 bankruptcy (property is in Seaside Heights, NJ). I've never been through this before. I have been searching on the internet trying to find something that describes the process from here on out: 1. How long it takes to lift the automatic stay 2. Success rate of lifting stay 3. If/when the stay is lifted, what then? 4. If we go back to landlord/tenant, does the regular landlord tenant process ensue? 5. Something on your website somewhat answered the security deposit question (although I was unhappy about the answer) Is there any website - any book - anything that addresses these issues? I don't mind doing my own research, but so far, it hasn't turned up much. Thanks.
Dawn,
We are not allowed to give advice over the internet, but I can provide you with some basic information on bankruptcy law. To lift the bankruptcy stay, you need to file a written motion with the court and give 20 days notice. You must have an affidavit attaching the lease and stating that rent is not being paid. In terms of the hearing date, you can get your specific judge's hearing dates at the court's website which is located at www.njb.uscourts.gov.
In a Chapter 7 case, a Trustee is appointed. You can try calling the Trustee and inquire about entering into a consent order to have the bankruptcy stay lifted. This is a short cut!
Once the bankruptcy stay is lifted, you go back to state court for an eviction proceeding. You can contact your County court and get information on how to file a landlord-tenant case.
Hope this overview helps.