Sentences with phrase «bankruptcy debtor»

We also provide bankruptcy counseling and bankruptcy debtor education services, including pre bankruptcy credit counseling for a bankruptcy certificate, in addition to advice on how to consolidate debt.

As expected, as the number of consumers filing bankruptcy has continued to decrease, the revenue of the consumer bankruptcy debtor and creditor bar has been hit hard.

There is an aspect of the bankruptcy law called the Means Test, which dictates the chapter of bankruptcy the debtor files.

14 states, including Minnesota, allow bankruptcy debtors to choose between the bankruptcy code and state law to protect property.

This is available to chapter 13 bankruptcy debtors who are dealing with high interest car loans and / or loans that have been in existence for more than two and a half years.

That is, under either statute that Minnesota bankruptcy debtors can use, a person's home and a person's car is exempt.

The bottom line is that while it is understandable that people want to retain their homes and cars, bankruptcy debtors need to be smart about making the choice whether to reaffirm their liability on a loan and shouldn't forget about the chapter 13 option if they want to retain collateral.

Under Chapter 13 Bankruptcy the debtor creates a 3 to 5 year debt bankruptcy repayment plan to repay creditors; payment amounts are based on a strict expense - to - income formula.

Potential bankruptcy debtors should understand that if they file a case, and the debtor has debts that may fall into one of the above - mentioned categories, the real impact of these non-dischargeability provisions are that if the debtor believes that the debt should be discharged, it is up to the debtor to bring an action in bankruptcy court, after the debtor has received her general discharge, to determine whether the debt in question is discharged.

Among the new requirements introduced by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, were the requirements that every debtor seeking to file for bankruptcy protection complete the pre-filing bankruptcy debtor credit counseling course offered by numerous new US Trustee - approved course providers.

«If anyone has any actual examples of bankruptcy debtors using «asset protection trusts» to shield large amounts of assets in bankruptcy, and bankruptcy courts allowing them to do it, I would appreciate the cites to the cases.

Co-counsel to an aircraft lessor in defeating bankruptcy debtor's multimillion dollar claims of fraud, breach of contract, accounting, turnover, and tortious interference with contract after a five - day bench trial in bankruptcy court, while also obtaining a $ 2.8 million judgment on client's counterclaims.

Entered nondischargeability judgments against bankruptcy debtors after having previously represented the creditor in a Superior Court trial to judgment against the same debtors for theft of trade secrets.

Related Practice Areas: Bankruptcy Chapter 13 Bankruptcy Chapter 7 Bankruptcy Chapter 7 Business Bankruptcy Debtor and Creditor

Discharge with respect to student loan indebtedness only available where (1) discharged bankrupt ceased attending school seven years prior to filing for personal bankruptcy, or (2) once a discharged bankrupt has been out of school for five years after the date of filing for bankruptcy a debtor can apply for a court - ordered discharge of their student loan debt

There are many types of bankruptcies a debtor can file, and each type has its own advantages and disadvantages for filing them.

Exemptions: A list of property that bankruptcy debtors are allowed to keep.

With a Chapter 13 bankruptcy the debtor is allowed to keep their property and repay their debts over 3 - 5 years.

Clients should understand that second mortgage companies can not foreclose on its mortgage simply because a bankruptcy debtor chooses not to sign a reaffirmation agreement.

Bankruptcy debtors can not «mix and match» statutes in Minnesota - they have to select one statute or the other to protect property.

Before the 2005 law change, bankruptcy debtors had four options with respect to secured debt.

So instead of struggling to decide whether to reaffirm a car loan in a chapter 7 case where the terms of the loan are not advantageous to a bankruptcy debtor, chapter 13 offers a way to make a car loan more affordable and remove the possibility of repossession.

So there's no good reason to sign a reaffirmation agreement on a first mortgage, and as a practical matter a bankruptcy debtor with a first mortgage will usually not see a reaffirmation agreement proposed.

To file Chapter 7 Bankruptcy a debtor's income must be less than the median income in their state.

Because in 2005, when Congress made major changes to the existing bankruptcy law, Congress changed the options that bankruptcy debtors had with respect to secured debts.

Bankruptcy debtors should not sign reaffirmation agreements on second mortgage loans.

The Bankruptcy Code allows a bankruptcy debtor to exempt $ 23,675 of equity in the debtor's residence - and if a married couple is filing a joint bankruptcy that amount doubles to $ 47,350, provided that both spouses own the residence.

The Bankruptcy Code describes the exempt homestead as property «uses as a residence,» which can include the home that the bankruptcy debtor owns even if the debtor is not currently living there.

Since there is no collateral for unsecured debts there is really nothing for the unsecured creditors to do once a bankruptcy debtor's discharge has been entered.

The legal effect of a discharge is that creditors can not enforce a bankruptcy debtor's personal obligation to pay a debt that is discharged in bankruptcy.

In 36 states, bankruptcy debtors are allowed to use only the state law (the bankruptcy code calls this «non-bankruptcy law») to protect property.

Minnesota state law allows a bankruptcy debtor to exempt up to $ 390,000 in equity in the debtor's homestead, which is defined as the debtor's domicile where the debtor intends to remain.

So if a bankruptcy debtor does not make the scheduled payments on a mortgage or a car loan, even if that debtor has received a discharge, the mortgage company can foreclose on the mortgage or the car lender can have the car repossessed.

Because a second mortgage is a recourse note, it is important for bankruptcy debtors to discharge their personal liability on second mortgages.

But while the bankruptcy debtor's personal liability to pay a mortgage note or a car loan is discharged, just the same as the debtor's personal liability to pay a credit card account is discharged, the difference between the secured creditor and the unsecured creditor after discharge is significant.

And because second mortgage holders may not want to pay off first mortgages in cases where the first mortgage is in default, second mortgage holders will often propose a reaffirmation agreement to bankruptcy debtors.

On the face of it, bankruptcy debtors should not be signing reaffirmation agreements, since by doing so, the debtor is creating (or, I guess «re-creating») liability where that liability was going to be discharged.

The easy part is this: a reaffirmation agreement is a legally binding agreement between a chapter 7 bankruptcy debtor and a secured lender in which the bankruptcy debtor agrees to reinstate personal liability on a car loan or a home mortgage.

So for a bankruptcy debtor who is separated and / or going through a divorce, the homestead is available for that person even if he or she has moved out of the home they own, provided that the other spouse, or the debtor's children are living in the home at the time the case is filed.

The Bankruptcy Code allows a bankruptcy debtor to exempt $ 3775 in equity in one motor vehicle.

The idea is to have an independent organization determine if the bankruptcy debtor has a viable non-bankruptcy alternative to dealing with his or her debts.

For every yin there must be a yang, and in bankruptcy the debtor is that opposite.

Non-dischargeable debts can be broken down into two categories: Debts that are not discharged because of the type of debt in question, and debts that are not discharged because of the behavior of the bankruptcy debtor.

In order to receive a discharge, the bankruptcy debtor must comply with the provisions of the bankruptcy code.

The bankruptcy debtor has to attend a meeting with the case trustee, and must cooperate with the trustee and follow court orders to receive a general discharge.

Related Practice Areas: Bankruptcy Business Bankruptcy Chapter 12 Farmers Bankruptcy Chapter 13 Bankruptcy Debtor and Creditor