Sentences with phrase «binding on all creditors»

An offer, once accepted, is binding on all creditors and can often result in repayment of as little as 30 % of the original balance.

For a debt settlement to eliminate all debts all creditors must agree; a consumer proposal is binding on all creditors if over 50 % of the dollar value agree.

A consumer proposal is a settlement of your debts and is legally binding on all your creditors, including Revenue Canada.

If the trust deed does not become protected, your discharge will only be binding on those creditors who agreed to the arrangement.

Both procedures were created by federal bankruptcy law, and are legally binding on your creditors, so once your consumer proposal or bankruptcy is completed the creditors can not pursue you for those debts.

Please note: An ordinary trust deed is not binding on creditors unless they agree to its terms.

Freezes aren't binding on creditors.

The proposal is binding on all creditors as long as the majority by dollar value agree.

If the majority of your creditors accept the proposal, it is legally binding on all creditors and you make a monthly payment which is collected by your Trustee and then paid to your creditors, generally on an annual basis.

The options they offer, including a consumer proposal, are court approved so it will be binding on creditors and prevent legal action from being taken against you.

Even if you think you've found a debt solution that will work for you, do you know how long it will last, will it affect your employment, will it affect your credit rating, is it legally binding on all your creditors, does it prevent your creditors from taking further action against you, will your home be at risk and will you have to pay a fee?

As such, it may not include all of your creditors, nor is it binding on any creditors.

The creditors vote on the proposal and if it is accepted by the required majority, it is binding on all creditors.

Not exact matches

Commodities trader Noble Group said it has finalised a binding agreement with a group of senior creditors holding 46 percent of its debt, and was in talks with others, on a restructuring deal crucial to its survival.

If creditors who are owed a majority of the debt agree, the proposal will be binding on all unsecured creditors.

The Federal Equal Credit Opportunity Act and comparable provisions of Massachusetts law prohibit creditors from discriminating against credit applicants on the basis of race, color, religion, creed, national origin, sex, sexual orientation, ancestry, handicap, marital status, age (provided that the applicant has the capacity to enter into a binding contract), or because all or part of the applicant's income derives from any public assistance program.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

If at least 50 % of your creditors accept your proposal it becomes legally binding on all of the creditors.

The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

Once accepted, this agreement is binding on all your unsecured creditors.

This arrangement is voluntary and is not legally binding on you or your creditors.

Consumer proposals are binding, and they work like this: If clients have debt on five credit cards, those five creditors get to vote on whether to accept the proposal.

Once accepted, this negotiated settlement is legally binding on all unsecured creditors.

Because it is court approved (you do not have to attend), the decision of the majority of creditors is binding on all the creditors.

A proposal is a better option than informal debt settlement because it is binding on all your unsecured creditors once accepted by a majority of your creditors based on dollar value.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

Only debt collectors are covered by this law — the original creditor can continue to call you to collect the debt and are not bound by all of the rules that are imposed on debt collectors.

Binding Effects of Premarital Agreements on Creditors Arizona law permits couples to enter into premarital agreements about their finances.

In addition, agreements or rulings regarding division of debts are not binding on, and do not affect the rights of your creditors or other third parties.