Motion For Relief From Stay And Abandonment In Chapter 7 Cases

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO In re: ) ) ) ) ) ) ) ) ) ) ) ) ) ) Case No. Chapter Judge MOTION OF FOR RELIEF FROM STAY Debtor(s) (the "Movant") moves this Court, under Bankruptcy Code §§ 361, 362, 363, and other sections of Title 11 of the United States Code, under Federal Rules of Bankruptcy Procedure 4001 and 6007, and under Local Bankruptcy Rule 4001-1 for an order conditioning, modifying or dissolving the automatic stay imposed by Bankruptcy Code § 362. MEMORANDUM IN SUPPORT 1. The Court has jurisdiction over this matter under 28 U.S.C. §§ 157 and 1334. This is a core proceeding under 28 U.S.C. § 157(b)(2). The venue of this case and this motion is proper under 28 U.S.C. §§ 1408 and 1409. 2. On , the obtained a loan from . Such loan was evidenced by a (the "Note"), a copy of which is attached as Exhibit A. dated in the amount of American LegalNet, Inc. www.FormsWorkFlow.com 3. the To secure payment of the Note and performance of the other terms contained in it, executed a Security Agreement in favor of Agreement"). The Security Agreement granted a lien on the owned by dated (the "Security (the "Collateral"). The Collateral is more fully described in the Security Agreement (check one): G attached as Exhibit B; OR G 4. contained in the Note, attached as Exhibit A. The lien created by the Security Agreement was duly perfected by (check all that apply): G Filing of the Security Agreement in the office of the County Recorder on . Filing of the UCC-1 Financing Statement in the office of on Notation of the lien on the Certificate of Title. Other (state with particularity) . G . G G A copy of the recorded Security Agreement, UCC-1 Financing Statement, Certificate of Title or other document, as applicable, is attached as Exhibit , the lien is the 5. . Based on lien on the Collateral. The entity in possession of the original Note as of the date of this motion, is 2 American LegalNet, Inc. www.FormsWorkFlow.com . 6. 7. The entity servicing the loan is: The Note was transferred, as evidenced by the following: a. If the Collateral is real estate: i. Under Uniform Commercial Code § 3-203(a) as applicable under state law in effect where the property is located, from the original lender: G N/A. OR G By endorsement on the Note, payable to OR G By blank endorsement on the Note. OR G By allonge attached to the Note, payable to OR G By blank allonge, attached to the Note. OR G The Note is not endorsed to the Movant, or is not endorsed in blank with an allegation that the Movant is in possession of the original Note. The factual and legal basis upon which the Movant is entitled to bring this motion is (explain with particularity and attach supporting documentation): . . . . 3 American LegalNet, Inc. www.FormsWorkFlow.com OR G By endorsement on the Note or by allonge attached to the Note, through a power of attorney. If this box is checked, a copy of the power of attorney is attached as Exhibit . Explain why it provides Movant the authority to endorse the Note: . <ii. Under Uniform Commercial Code § 3-203(a) as applicable under state law in effect where the property is located, from the to < _____________________________> .> <iii. A court has already determined that Movant has the ability to enforce the Note with a judgment dated in the . A copy of the judgment is attached at Exhibit .> Other .> b. If the Collateral is not real estate (check one): G N/A. OR G From the original lender to by . 8. The Security Agreement was transferred as follows (check one): G N/A. OR <iv. 4 American LegalNet, Inc. www.FormsWorkFlow.com G From the original lender, mortgagee, or mortgagee's nominee on to . The transfer is evidenced by the document(s) attached to this Motion as Exhibit . 9. The value of the Collateral is . . This valuation is based on 10. As of the date of this Motion, there is currently due and owing on the Note the , plus interest accruing thereon at the rate of , as described in more detail on the outstanding principal balance of per annum [$ PER DAY] from worksheet. The total provided in this paragraph cannot be relied upon as a payoff quotation. 11. The amount due and owing on the Note as set forth in paragraph 10 include a credit for the sum held in a suspense account by the Movant. The amount of the credit is 12. . Other parties known to have an interest in the Collateral besides the debtor(s), the Movant, and the trustee are (check all that apply): G G N/A. The amount of $ County Treasurer, for real estate taxes, in the . . G G . 13. The Movant is entitled to relief from the automatic stay under Bankruptcy Code 5 American LegalNet, Inc. www.FormsWorkFlow.com § 362(d) for these reason(s) (check all that apply): G Debtor has failed to provide adequate protection for the lien held by the Movant for these reasons: . G G Debtor has failed to keep the Collateral insured as required by the Security Agreement. Debtor has failed to keep current the real estate taxes owed on the Collateral. Debtor has failed to make periodic payments to Movant for the months of , which unpaid payments are in the aggregate amount of through . The total provided in this paragraph cannot be relied upon as a reinstatement quotation. Debtor has no equity in the Collateral, because the Collateral is valued at , and including the Movant's lien, there are liens in an aggregate amount of on the Collateral. Other cause (set forth with specificity): . G G G 14. < 15. Movant has completed the worksheet, attached as Exhibit Movant is entitled to an order directing the trustee to abandon the Collateral under 11 U.S.C. §554(b) for these reasons (check all that apply): G The Collateral is burdensome to the estate because . G The Collateral is of inconsequential value and benefit to the estate because upon liquidation of the Collateral no proceeds will remain for the benefit of the estate. > WHEREFORE, Movant prays for an order from the Court: (a) granting Movant relief from the automatic stay of Bankruptcy Code § 362 to permit Movant to proceed under applicable nonbankruptcy law; <AND> 6 American LegalNet, Inc. www.FormsWorkFlow.com <(b) AUTHORIZING AND DIRECTING THE CHAPTER 7 TRUSTEE TO ABANDON THE COLLATERAL UNDER BANKRUPTCY CODE § 554. > Respectfully submitted, /s/ Attorney for Movant CERTIFICATE OF SERVICE , a true and correct copy of the foregoing was served via the Court's electronic case filing system on the following who are listed on the Court's Electronic Mail Notice List: The undersigned ce