Sentences with phrase «discharge of their debt»

Perhaps not coincidentally, the discharge of debts in chapter 7 bankruptcy is allowed to individuals every eight years.

Even a number of those that pursued a full discharge of their debt, that were not discharged by the court, were able to come to an agreement with their student loan lender to settle their loan balance instead.

Although it took a number of years for the debtor to prevail, eventually with the help of a good bankruptcy attorney she was able to show that the discharge of debts in bankruptcy applies to even the most powerful of creditors.

In exchange for a discharge of your debt, you agree to give the Bankruptcy Court an accurate assessment of your assets.

Bankruptcy is a legal procedure through which you may be discharged of your debts.

In this court administered financial fresh start approach about 70 percent of consumers obtain a total discharge of their debt under a Chapter 7 bankruptcy in a matter of months.

Bankruptcy provides a discharge of your debt.

The court will send its written discharge of your debts typically 60 to 75 days after the creditors» meeting.

In the scenario above, you could file for Chapter 7, discharge all of your debts, and keep your family home.

As expected the student loan lender fought hard to not allow a discharge or partial discharge of the debt.

-LSB-...] the ultimate goal in a bankruptcy case, at least, any individual bankruptcy case, is a discharge of debt; having the discharge be excepted or denied would be a terrible situation.

If a creditor does challenge the discharge of a debt, Ginsberg states that the recourse is to negotiate a partial payment plan for that particular debt or to convert the case to a Chapter 13 Bankruptcy, which requires a court - ordered repayment plan over several years.

In some cases, a creditor may take the additional step of filing a lawsuit within the bankruptcy to object to the discharge of a debt.

A discharge of the debts means your liability for those debts is gone and the creditor can not collect on those debts ever again.

Loan forgiveness is considered a source of income under tax rules, but the Mortgage Forgiveness Debt Relief Act allows taxpayers to exclude income from discharge of debt on their principal residence.

While they may not get a full discharge of debt it appears those who did not received favorable settlements or repayment terms.

Of course your personal bankruptcy will be disclosed on your credit report, so your credit will not be perfect, but the fresh start is a result of the discharging of your debts.

I successfully discharged ALL of my debt under this provision — I had tried several other options.

This law not only required debtors to pass an income test prior to qualifying for Chapter 7 bankruptcy but also required debtors to complete credit counseling prior to filing bankruptcy and to complete a Pre-Discharge Debtor Education course prior to the discharge of their debts.

A vast majority of our clients discharge all of their debt while keeping all of their things.

For instance, one may only obtain a discharge of debt in Chapter 7 every eight years (the prior law was every six years).

This proposal would create a cost structure (including interest rates, fees, and other components) that would generate sufficient revenues for the government to cover its costs of lending, including its cost of capital, loan servicing, collection costs for defaulted loans and any losses due to defaults or other discharge of the debt.

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.

You can not get a Chapter 7 discharge of your debts more often than every eight years.

Getting a discharge of your debts, however, does not come without a prices.

And discharge of the debt is really the goal of course.

See this case and this one where the bankruptcy judge sided with the student loan debtor and discharged all of the debt.

There's no shame in asking; if the worst they can say is «no,» better to hear it from someone you trust than a bankruptcy judge denying discharge of your debts.

After you have made all the payments under the plan, you receive a discharge of your debts.

Bankruptcy and My Bills The underlying policy of bankruptcy law is that the honest debtor who is in debt beyond his or her ability to repay the debt should be given a fresh start through the discharge of debts in a bankruptcy proceeding.

Even if you satisfy the requirements of an undue hardship discharge, often this will result in just a partial discharge of the debt.

A «clean» discharge of debts, Chapter 7 ensures all qualifying debts are wiped out if a judge proves you don't have enough income to pay your debts.

Unlike Chapter 7, the debtor does not receive an immediate discharge of debts.

Debtor's «Tortious Conduct» May Prevent Discharge of Debt in Chapter 7 Bankruptcy, Los Angeles Bankruptcy Lawyer Blawg, May 5, 2015

Transfer of Real Estate by Debtor More than One Year Before Filing Chapter 7 Bankruptcy Petition Does Not Bar Discharge of Debt, According to California Appellate Court, Los Angeles Bankruptcy Lawyer Blawg, January 9, 2015

If you discharge all of your debt, including what you owe to friends and family, there is nothing that prevents you from repaying anyone you want after the bankruptcy.

Bankruptcy is not a cure - all and it will not discharge all of your debts.

The Department of Treasury has issued a ruling that discharges of debts for Corinthian borrowers will not be considered taxable income.

The Internal Revenue Code § 108 excludes the discharge of debt in bankruptcy from its definition of cancellation of debt income as follows:

Your creditors have 60 days from the date of your hearing to object to the discharge of your debts or a particular debt.

A slightly broader discharge of debts is available to a debtor in a chapter 13 case than in a chapter 7 case.

Post-bankruptcy counseling, which is required before the final discharge of your debts, must be a minimum of two hours and focuses on budget development, money management, and wise use of credit.

This is also known as a redemption certificate or bond for discharge of debt.

Although Chapter 7 bankruptcy discharges some of your debts, it doesn't eliminate all debt.

Chapter 13 bankruptcy organizes your debt - and may discharge some of your debt - and creates a court - scheduled, interest - free debt repayment play.

The other primary benefit of a bankruptcy filing is the discharge of your debts.

Attorney James H. Wilson, Jr., also has related experience in debt modification agreements, workout plans, collections and repossessions, creditors» rights matters, the discharge of debts, foreclosures, garnishments, reorganizations and restructuring.

In fact, child support is so significant to the bankruptcy process that the court will not discharge any of your debts until you certify you are current on your support obligations and your arrears have been paid.

The bankruptcy code prevents discharge of a debt that is obtained from «fraud or defalcation while acting in a fiduciary capacity....»

If you are selling your primary residence as a short sale, The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt.