Sentences with phrase «involves discharging debts»
Filing for bankruptcy has a bad reputation in many circles due to the fact that it damages your credit and involves discharging debts that will likely never be repaid.
http://www.natlbankruptcy.com/ Not exact matches
Cancellation Loan cancellation ends the obligation to repay the debt and typically involves the discharge or forgiveness of the loan balance (including any accrued but unpaid interest).
While both discharge and forgiveness involve cancellation of the remaining debt, discharges usually occur for circumstances beyond the borrower's control and forgiveness for circumstances within the borrower's control.
In order for your debts to be discharged once you have filed for bankruptcy, you will be required to complete certain duties, which in some cases involves making surplus income payments.
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.
Creditors are keenly aware of the rules and regulations involved with bankruptcy so that is why there should be zero tolerance for any attempts to collect on your debts even after the filing process is complete and you receive your discharge.
He has significant experience representing parties in bankruptcy adversary proceedings involving objections to discharge, dischargeability of debts, fraudulent transfers, and related bankruptcy litigation, as well as in handling matters involving contract disputes, corporate disputes, business torts, real estate and foreclosure.
Chapter 7 — Chapter 7 involves getting rid of your debts through a process known as a discharge.
The first two cases each involved a driver with an outstanding debt imposed under provincial legislation; each subsequently declared, and was discharged in, bankruptcy.
After reviewing the structure and policy behind the BIA, including the fact that there are some legislated exemptions to its application, the Court found that the proper interpretation of the BIA involves accepting the principle that every debt is encompassed by the bankruptcy, and — upon discharge — the bankrupt is released from all of them unless an exemption or exclusion clearly applies.
In fact, the only account we found where law loan debt was discharged in bankruptcy was here, and involved a student who had failed the bar exam three times and a retiring judge who openly defied the District Court that remanded his decision.
Bankruptcy Attorney Anthony Hughes has been involved in over 5,000 bankruptcy cases which have resulted in discharges of millions of dollars of debt.
Chapter 13 allows a consumer more time to repay their debts through restructuring, whereas a chapter 7 involves a liquidation of a debtor's assets and then a distribution of the recovered amount to the debtor's creditors, with the remainder of the debts being discharged forever.