Sentences with phrase «efforts by creditors»

The filing of a Chapter 7, 13 or 11 bankruptcy petition initiates an automatic «stay» which will immediately stop collections efforts by creditors, the enforcement of judgments, or foreclosure on real property.

Filing is the action that stops collection efforts by creditors.

However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower's ability to repay the mortgage.

(ii) In collection means a debt that has been placed with a collection agency by a creditor or that is subject to more intensive efforts by a creditor to recover amounts owed from a borrower who has not responded satisfactorily to the demands routinely made as part of the creditor's billing procedures.

Not exact matches

Efforts by Apollo and TPG to salvage something from their $ 30 bln casino buyout largely failed after creditors fought back.

Collection Efforts Prohibited by Bankruptcy Discharge Once you file for bankruptcy and receive your discharge order from the court, creditors are prohibited from attempting to collect on debts that were included in your bankruptcy, period.

Wage garnishment is essentially a last - ditch effort for creditors to collect on a debt by hitting the consumer where it hurts — in the paycheck.

«If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except — to advise the consumer that the debt collector's further efforts are being terminated; to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy.»

Normally a charged off account means that all collection efforts attempted by the creditor were ignored and the creditor felt that the debt was un collectable.

The settlement rates reported by TASC are contrary to what the States have seen repeatedly in the enforcement actions they have taken and in the consumer complaints they have received — which is that settling multiple debts can be a long process and consumers, faced with high fees for the service, growing debts, and increased collection efforts from their creditors, realistically should never have been offered the debt settlement service to begin with.

We are also funded by client fees and creditor contributions from non-bankruptcy-related debt management plans, and through grants related to our housing counseling or other charitable and educational efforts in the community.

, USBC, N.D. Calif. — lead counsel for chapter 11 trustee of gaming establishment; successfully resisted (through state court litigation) efforts by licensing authority to impose severe, likely fatal operating restrictions; and ultimately negotiated and consummated a going concern sale of business through a chapter plan providing for full payment to unsecured creditors.

However, those same qualities leave them open to abuse, by those seeking to disguise ownership of their assets and frustrate the enforcement efforts of their creditors.

The administrators of King & Wood Mallesons» (KWM) European arm have released details of the sums raised by the break - up and sale of the business in a letter to creditors that also sheds light on the failed efforts to secure a single - firm takeover.

Special counsel in Chapter 11 bankruptcy case pending in Dayton, Ohio to protect Debtor's assets in Germany from collection efforts by its major creditor.

As required by § 1026.19 (e)(1)(i), the mortgage broker must make a good faith effort to disclose the name and address of the creditor, but if the name of the creditor is not yet known, the disclosure required by § 1026.37 (a)(3) may be left blank.

The use of loan origination software vendors by creditors will substantially mitigate the costs of revising software and compliance systems, as the efforts of a single vendor would address the needs of a large number of creditors.