Sentences with phrase «because debts discharged»

Bankruptcy can be an attractive option for over-extended real Estate investors because debts discharged in bankruptcy are not taxable events.

Not exact matches

The case was dismissed without his debts being discharged because he failed to make plan payments, court records show.

What bankruptcy actually does is it improves your credit rating because it puts a stop date on collections and it typically says once you're discharged from bankruptcy those debts are discharged.

This is because creditors have the right to object to your discharging, or getting rid of, their debts.

If a creditor is still trying to collect a debt after you received your discharge because you failed to list them in your bankruptcy schedules please give us a call.

These are all debts that can't be discharged in bankruptcy and debts that you'll have to pay in full because the court has ordered you to pay these accounts.

Adding insult to injury, a tax debt owed because of the hardship withdrawal normally won't be discharged in bankruptcy.

That; s why I am thinking bankruptcy is a better option because I can discharge my CC debt, start paying only the student loan she is on and then by the time my car is paid off, 5 years, I will have monthly income freed up to begin paying the others.

Because unsecured debts generally are discharged, your debt - to - income ratio improves quickly.

We cited a report from the 1970's in our testimony because 1) This is the report Congress commissioned during the initial debate on this issue, 2) This report did not support the conclusion that students were more likely to discharge debts in bankruptcy, and 3) It is the only comprehensive report on this issue that we know of.

But because a negotiated debt settlement plan does not provide a discharge of indebtedness, it could actually be more difficult to obtain credit after attempting or completing a negotiated debt settlement plan.

It's better to owe your credit card money than the IRS because you can discharge the credit card debt in bankruptcy much more easily!

Cancelled debts that were discharged because of your bankruptcy or insolvency, for which you have received a Form 1099 - C.

Wells Fargo is most likely in a hurry to get this matter resolved in their favor because if they are found to have pursued the alleged discharged private student loan debt they could be facing a precedent and financial consequences.

For earlier discharges, the Department says: «If we approve your discharge because of VA documentation, we report the discharge of any loan debt totaling $ 600.00 or more to the Internal Revenue Service (IRS) for the year that the loan was discharged.

The idea is that the court reviews your circumstances to determine if your debts should be discharged because of your ongoing financial hardship.

If we approve your discharge because of VA documentation, we report the discharge of any loan debt totaling $ 600.00 or more to the Internal Revenue Service (IRS) for the year that the loan was discharged.

The other major impact of this ruling is that license plate renewals can not be withheld over an unpaid 407ETR debt if you are a discharged debtor because all 407ETR debts are dischargeable under a bankruptcy proceeding or consumer proposal.

But if you have an asset case, meaning there are items to sell, the court could deny a discharge with respect to your debt associated with that creditor because they were not able to be paid by the trustee.

Chapter 7 is often referred to as «liquidation» bankruptcy because it will discharge most of your unsecured debt, including personal loans and credit cards.

But because Chapter 13 involves a reorganization of your finances rather than a discharge of debts, it is the Plan payment that gets allocated first to any arrears due on a secured debt before anyone else gets paid.

The Plaintiff asserts that her debt for educational loans incurred prior to the 24th of October, 2011 should be discharged because repayment would constitute an undue hardship within the meaning of 11 U.S.C. § 523 (a)(8).»

Many people file for Chapter 13 bankruptcy because they were not eligible to file for Chapter 7 bankruptcy, which liquidates your assets to pay off creditors and discharges your debts immediately.

Furthermore, because any debts associated with this type of bankruptcy are discharged within just a few months of filing, they should fall off the report a couple of years before the bankruptcy itself.

Lenders in most cases can't foreclose upon or take a property because of mortgage debt while service members are on active duty and for up to nine months after discharge.

Student loan debt held by older Americans can be especially daunting because unlike other types of debt, it generally can not be discharged in bankruptcy.

I always thought a chapter 13 Bankrupcy was for 7 years, however in 2001 I had a Chapter 13 and it was dismissed 5 months later as I left out an electric bill I think is what they said so I had to pay off all the debts that were listed in this chapter 13 and not only did we pay everything off but then to find out that because they dismissed the bankrupcy that I had to keep the bankrupcy on my credit report for 10 years even though if it had been discharged it would only be 7.

In a chapter 13, creditors do have the option to object to the proposed repayment plan, however they do not have the option to object to discharged debt (because they will have agreed to this if they approve the repayment plan).

However, even though decisions like Fecek demonstrate that courts may be willing to allow a debtor (even one with a good salary) to at least partially discharge his student loan debt, they does not provide a windfall for the debtors because, like the debtor Fecek, the debtor will still have to make sacrifices to make large monthly payments towards the remaining student loan debt.

[xvii] Therefore, the Fecek court required the debtor to pay $ 500 a month for 15 years to her private student loan creditor because the court believed that the debtor could make such payments if she made minor cutbacks in her expenses following the discharge of other debts.

Because if you can convince a court or judge to discharge your IRS tax debt, then you get to move on with life, free and clear, without having to pay back a single cent.

In a third, ECMC lawyers told a judge that a cancer survivor with massive unexpected medical bills shouldn't be eligible to have her student debt discharged in bankruptcy because she was young and «survival rates for younger patients tend to be higher.»

It would be difficult in any event because federal bankruptcy law makes it nearly impossible to discharge student loan debts.

The Fecek decision is interesting because it departs from the common understanding that student loan debt can not be discharged in bankruptcy, except in the most extreme circumstances.

Because credit card companies realize that majority, if not all, debts were just discharged resulting in the increased ability to repay the credit card debt.

The student loan lender, a company called Educational Credit Management Corporation (ECMC), argued that the debtor's attempts to discharge his student loan debts were premature because he had not yet exhausted his administrative remedies.

The creditor argued that the order discharging the debt was void because the debtor did not serve the creditor with a summons during the original case, and also because the bankruptcy court did not make a finding of undue hardship.

The court affirmed an order discharging student loan debt, but only because the creditor failed to object or appeal properly.

Tax debt is the most tricky debt to deal with in bankruptcy because there are so many rules in place that must be followed in order to determine whether tax debt can be discharged in a chapter 7 bankruptcy.

These are the types of debts you should stop making payments toward if you plan to file in a short period of time, because they will likely be discharged in your Chapter 7 bankruptcy or rolled into your repayment plan in a Chapter 13.

Some people refer to Chapter 7 as «liquidation bankruptcy» because it discharges most of your unsecured debt.

Because most of your debts are discharged, you have more money to pay your mortgage and vehicle loans so that you are able to retain your home and car.

Because after the bankruptcy discharge, Sam and Lisa are debt free!

Prestige says its loans experience relatively low losses because borrowers have discharged many of their other debts in bankruptcy, freeing up more cash for their car payments.

For debtors that own little property, this may be an attractive option because it may be possible to have many unsecured debts discharged.

If you do not own a lot of property, Chapter 7 bankruptcy may be an attractive option because many of your unsecured debts could be discharged.

Chapter 7 bankruptcy can be an attractive option for debtors who do not own a lot of property because many unsecured debts can be discharged.

This is because the federal Bankruptcy and Insolvency Act provides for an exception to the general rule that an order for discharge releases a bankrupt from all previous debts.

For debtors that do not own much property, Chapter 7 bankruptcy may be an attractive option because many unsecured debts, such as credit cards and medical bills, could be discharged.

If you do not own a lot of property, you may discover that Chapter 7 bankruptcy is an attractive option because many of your unsecured debts, such as credit card and medical bills, could be discharged.