Sentences with phrase «benefit of the debtor»

The Panel Trustee is required to be independent and works primarily for the benefit of the debtor's unsecured creditors.

Equally, a creditor can not gain the benefit of a debtor's rights to assets under the PRA.

Not exact matches

The empirical reality is neither universal incorporation nor the spread of benefits; there are wealthy creditors and bankrupt debtors; super-rich spectators and impoverished unemployed workers; imperial States that direct international financial institutions and subordinate those who submit to their dictates.

The debtor obtains debt relief through judicially supervised reorganizations or liquidation of his or her assets for the benefit of creditors.

Despite Madigan's actions to cover debtors with private education loans, a large majority of federal student loan borrowers have not received the benefit.

This legislation would have provided benefits to student debtors taking advantage of private refinancing; Sen. Thune commented, «This is a winning solution for students and businesses alike.»

The debtor has in no way benefited from the student loans nor received any of the funds from the student loans.

The right of a judgment debtor to accelerate payment of part or all of the death benefit or special surrender value under a life insurance policy, as authorized by paragraph one of subsection (a) of one thousand one hundred thirteen of the insurance law [* see below], or to enter into a viatical settlement pursuant to the provisions of article seventy - eight of the insurance law, is exempt from application to the satisfaction of a money judgment.

The term «proceeds and avails», in reference to policies of life insurance, includes death benefits, accelerated payments of the death benefit or accelerated payment of a special surrender value, cash surrender and loan values, premiums waived, and dividends, whether used in reduction of premiums or in whatever manner used or applied, except where the debtor has, after issuance of the policy, elected to receive the dividends in cash.

You get no benefit from the loan that is made, but you are liable for full repayment of the loan should the primary debtor refuse to pay.

Creditors benefit because no one creditor is allowed to rush in and grab up all of the debtor's assets, leaving nothing for the other creditors.

Bankruptcy in Canada is a legal process in which a debtor assigns non-exempt assets for the benefit of his creditors in exchange for which he will be discharged from most debts.

Certain other dissolution related obligations, such as payments to others, hold harmless provisions and property settlement obligations, are not dischargeable if the debtor has the ability to pay them and the detriment to the spouse outweighs the benefit of the discharge to the debtor.

Inheritances, life insurance benefits, even lottery winnings, are considered property of the bankruptcy estate if the debtor becomes entitled within 6 months of the date of filing.

For purposes of the means test, the U.S. Bankruptcy Code defines current monthly income as including: «any amount paid by any entity other than the debtor (or in a joint case the debtor and the debtor's spouse), on a regular basis for the household expenses of the debtor or the debtor's dependents (and in a joint case the debtor's spouse if not otherwise a dependent)...» Benefits received under the Social Security Act, payments to victims of war crimes or crimes against humanity on account of their status as victims of such crimes, and payments to victims of international terrorism or domestic terrorism on account of their status as victims of such terrorism are excluded from the means test.

The fact is that creditors, debt collectors, and many debt relief companies know, that you can't see, is that debtors can be easily emotionally manipulated for the benefit of the other party.

Consequently, a credit card company can avoid such a situation by accepting a settlement amount and at least benefit from a percentage of the outstanding debt paid by the debtor.

Chapter 13 bankruptcy is designed for an individual debtor who has a regular source of income, whether it be from a job or social security benefits.

This gives the debtor the same benefit of immediate «debt relief» as in a Chapter 7 case.

The benefit of consolidating the debts is it may allow the debtor to extend the repayment period and lower the interest payments, allowing the debtor more time to repay the debts.

While I think a bailout is just as unnecessary for taxpayers as it was for companies, I do think the government ought to consider extending the same benefits of public loans to private student loan debtors.

In its initial incarnation, bankruptcy benefited creditors, allowing them to seize the assets of a delinquent account and confine the debtor to debtors» prison.

At Lipson Neilson, we have represented a wide variety of business restructuring scenarios including debtors, pre - and post-bankruptcy lenders, trade creditors, landlords, public bondholders, trustees, official committees, liquidating trustees, assignees for the benefit of creditors, and asset purchasers.

His practice involves representing lenders, creditors, trustees, assignees for the benefit of creditors, and debtors in chapter 7 liquidation proceedings, chapter 11 reorganization proceedings, state court foreclosure actions, and out of court restructurings and liquidations.

A trustee is a court appointed attorney who manages the property of the debtor for the principal benefit of the unsecured creditors.

James represents creditors, debtors, secured, lenders, mortgage companies, landlords, franchisors, bankruptcy trustees and other business enterprises in chapter 7 and chapter 11 bankruptcy cases and in assignment for the benefit of creditors cases.

debtor obtains financial relief and undergoes a judicially supervised reorganization or liquidation of the debtor's assets for the benefit of creditors; a case under the Bankruptcy Code.»

The full benefits of the improvements in the certainty of searching and filing under the new regime may not be realized pending the enactment by the other common law provinces of location of the debtor rules that parallel the new Ontario rules due to the conflict of laws rules in the various provincial personal property security acts.

a) a decision rendered against a debtor on the application of a public body which claims payment of benefits provided in place of maintenance; b) a decision rendered between a creditor and debtor to the extent of the benefits provided to the creditor in place of maintenance.

(4) A Contracting State shall, if recognition of a decision is not possible as a result of a reservation under paragraph 2, and if the debtor is habitually resident in that State, take all appropriate measures to establish a decision for the benefit of the creditor.

One of the benefits of filing bankruptcy is the automatic stay that generally prevents creditors from proceeding against the debtor, the debtor's property, or property of the estate to collect a pre-filing debt.

However, the United Steelworkers (USW), which represented Indalex's unionized workforce and certain pension beneficiaries, and a group of former executives receiving pension benefits, argued that Indalex's obligation to fund its pension wind - up deficiencies ranked higher in priority than Indalex's obligation to repay its debtor - in - possession (DIP) financing.

Those serving demands without the benefit of a judgment should also bear in mind that the courts have taken a dim view of creditors who use the process merely as a threat to the debtor with no intention of following the matter through to the bankruptcy stage.

In the case of a policy insuring the lives of debtors, a provision that the insurer will furnish to the policyholder, for delivery to each debtor insured under the policy, a certificate of insurance specifying that the death benefit will first be applied to reduce or extinguish the indebtedness.

(a) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with creditors or makes an assignment of remuneration for their benefit; or

If the support amount is lower than the Income Support benefits, the debtor (or the person who pays the support) owes the government the amount of support.