Sentences with phrase «if debtor»

If the debtor owes the IRS, the government does have 120 days to reclaim the property and will pay you what you paid.

A creditor can issue a Statement of Claim against a debtor and if the debtor does not defend the claim or loses in court, the creditor obtains judgement.

If the debtor fails to follow these requirements then his application to set aside the demand is likely to be struck out.

This essentially means that if the debtor has lived in the London insolvency district for the past six months he must apply to the High Court to set aside the demand.

If the debtor applies to set the demand aside he must do so to the court in the appropriate form (see IR 6.4 and Form 6.4).

The plan need not pay unsecured claims in full as long it provides that the debtor will pay all projected «disposable income» over an «applicable commitment period,» and as long as unsecured creditors receive at least as much under the plan as they would receive if the debtor's assets were liquidated under chapter 7.

If the debtor does not apply for the demand to be set aside within 18 days then he must apply for an extension of time within which to apply (PDIP, para 12.5).

What happens if the debtor withdraws his / her «implied» consent prior to the disclosure of the discharge statement?

If a debtor has exigible assets (i.e., assets available for seizure), our team takes the appropriate steps to seize the assets or garnish the money owed to the debtor.

It's a high bar for you as a creditor, especially if the debtor says that he lost his private key or had his cryptocurrency stolen.

(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.

The lender will be thankful for its security if the debtor ever encounters financial difficulties.

If a debtor can't make the required monthly chapter 13 payments, the bankruptcy will fail and the debts will remain, unless the case is converted to a chapter 7 bankruptcy.

If the debtor is elderly or disabled or has an elderly or disabled spouse or dependent, up to $ 10,000 in equity of all vehicles and bicycles is exempt.

If the debtor acknowledges the debt, the two year limitation period is restarted from the date of acknowledgement (this may even take the form of partial payment).

More specifically, for a private unsecured debt with a statute of limitations (SoL) of 6 years in New York State, will the SoL be tolled (paused) if the debtor leaves the state, or the country (or both)?

By: Jassmine Girgis PDF Version: BIA Preference Payments: Evidence Rebutting the Presumption must be Objectively Reasonable Case Commented On: Gustafson (Re), 2018 ABQB 77 (CanLII) Introduction Legislation that governs fraudulent preferences applies if a debtor elects to pay only one or... Continue reading →

The Standard repayment plan would be used to determine payment obligations, even if the debtor's actual payments are set under an income - based plan.

If the debtor does not reply to the letter of claim within 30 days of the date on the top of it then court proceedings can begin provided that the debtor has been given 14 days» notice of the intention to commence proceedings.

If the debtor does not file an appeal, the creditor can then use legal means to collect the amount of the judgment.

If the Debtor disputes the amount claimed it is possible to apply to the Court to set the demand aside.

However, if the debtor is disabled the exempt vehicle may have up to a $ 10,000 fair market value.

If the debtor does not pay the amount of a Small Claims Court judgment and does not work out a payment plan, a creditor must wait 30 days from the date of the judgment before using other legal means to collect.

If the debtor decides to file for bankruptcy, it will appear on your credit history.

More specifically, for a private unsecured debt with a statute of limitations (SoL) of 6 years in New York State, will the SoL be tolled (paused) if the debtor leaves the state, or the country (or...

In such settlements, two things are the most important: the exact and particular plan of payment of the debt, and agreeing that if the debtor fails to pay just one instalment, the entire debt becomes due.

If the debtor would rather not pay their dues, then they are better off reducing and stopping their emissions.

If the debtor's income exceeds the median income, then the debtor must apply the means test.

If the debtor's equity falls between these figures then no, they may not lose their home, however if the equity is higher, then the possibility exists.

It should be noted that if the debtor's debt is not primarily consumer debt, then the means test is inapplicable.

If the debtor believes he or she can not afford to keep the collaterized property because of the financial situation, there is an option to surrender the property back to the creditor.

For example, if the debtor has fallen behind on car payments the company that provided the car loan (the secured creditor) can take the vehicle.

If a debtor has, or will have, his wages garnished, filing a bankruptcy or proposal ends the garnishment.

Although the creditors can vote to reject the proposal, this is a very rare occurrence as the main requirement of a proposal is that the creditors should receive more funds than if the debtor went bankrupt and it is possible to renegotiate proposal terms to the satisfaction of both the debtor and creditor.

LC is very honest that they have NO legal obligation to pay a linked loan debt if the debtor ceases to pay.

The only exception is if a debtor can show an «undue hardship» on them or their dependents.

With a secured debt, a piece of real property (such as an automobile or a home) is promised if the debtor can't finish making payments, or defaults, on the loan.

Most courts around the country use a three - prong test to determine if a debtor has established «undue hardship,» known as the Brunner test after Brunner v. N.Y. State Higher Educ.

A Panel Trustee is appointed in each Chapter 7 case to review the bankruptcy petition and schedules filed with the Court and to determine if the debtor has any non-exempt assets available for distribution to creditors.

Most courts, including those in California, have adopted a three - part test, known as the Brunner test, to determine if a debtor meets this requirement.

Now, in most cases, if a debtor entered into a secured loan prior to the filing of their case, we can adjust the interest rate to Prime + 1 - 3 %.

Simply put, if the debtor's reasonable future financial resources will sufficiently cover payment of the student loan debt - while still allowing for a minimal standard of living - then the debt should not be discharged.

If the debtor uses credit before paying off the consolidated debt, he gets into a deeper debt trap.

In a move to force more debtors into a Chapter 13 Wage Earner repayment plan, instead of allowing for a straight liquidation bankruptcy under Chapter 7, the trustee or any creditor can bring a motion to dismiss a Chapter 7 application if the debtor's income is greater than the state median income.

A debtor will be denied discharge under § 727 if the debtor fails to complete the debtor education course.

If a debtor's current net monthly income (based on the last six month's average), less one - sixtieth of secured payments and priority debts, less allowed expenses permitted by the IRS and certain other allowed expenses, is greater than $ 100 per month, the trustee or any creditor can request that you be required to file under Chapter 13.

The creditors are willing to accept a reduction as much as 50 - 60 % to collect a debtor's money than risk losing everything if the debtor files bankruptcy.

If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years.

We realize that with a little more willpower you can save a few bucks and attack the higher interest rate debts first and it will save money in the long run and its what we «should» do, but lets face it, if the debtor really had the willpower to do that, they wouldnt be in such a mess to start with.

Under the new bankruptcy means test, if a debtor's income is in excess of certain thresholds, the debtor may not be eligible for Chapter 7 relief, and instead be forced to file for a Chapter 13 bankruptcy.