Sentences with phrase «pay claims of your creditors»

Not exact matches

In the Chapter 13 Bankruptcy, the trustee pays creditors in order of the claim they hold — priority, secured and unsecured.

«Violations of the ATR requirements can lead to affirmative claims against creditors and defensive claims against assignees for potentially significant monetary damages consisting of actual damages, $ 4,000 in statutory damages, a refund of finance charges paid at closing, and three years of interest actually paid and attorneys» fees.

This means a creditor must file its proof of claim by a set date, or the claim is barred from the case, and it won't be paid.

Dividend: The percentage of claims that will get paid to general unsecured creditors by a bankruptcy trustee on a pro rata basis.

All of your creditors have a deadline in which to file a proof of claim and get paid in your case.

In other words, creditors of the broker are not permitted to claim the funds in these segregated accounts as part of the broker's assets which can be used to pay off the broker's debt.

If the creditor does not file a proof of claim the creditor will not be paid if there are assets or money to be distributed in the case.

By contrast, an asset case involves property of greater value than the applicable exemption limits and requires the trustee to sell property to pay back creditor claims.

If a married couple has filed a chapter 7 mistakenly believing they have little or no equity in their home only to find out there is $ 90,000 of equity, they may convert to a chapter 13 and pay out the value of that non exempt equity ($ 20,000) over time rather than having the trustee sell the home to satisfy creditor's claims.

Only 2 creditors filed a claim which is $ 2500.00 just for their claims... not to mention the trustee will want some fees of his paid.

Tip - offs to Rip - offs Steer clear of debt negotiation companies that: 1) guarantee they can remove your unsecured debt 3) promise that unsecured debts can be paid off with pennies on the dollar 4) require substantial monthly service fees 5) demand payment of a percentage of savings 6) tell you to stop making payments to or communicating with your creditors 7) require you to make monthly payments to them, rather than with your creditor 8) claim that creditors never sue consumers for non-payment of unsecured debt 9) promise that using their system will have no negative impact on your credit report 10) claim that they can remove accurate negative information from your credit report.

Real creditors (i.e. a bank or finance company) have legal contracts with the borrower granting the lender the right to claim any of the debtor's real assets (e.g. real estate or car) if he or she fails to pay back the loan.

The reason for such high interest on the loan is that even with the power of sale a lender might not get paid because creditors who came before must first claim their investment.

One unsung benefit of Chapter 13 bankruptcy comes in the form of the Proof of Claim — the document that a creditor needs to file in order to get paid through the bankruptcy plan.

«Any claim that the pension fund has as an unsecured creditor of Sears can not be fully evaluated until that process plays out [so] the percentage of the wind - up benefits that the fund will be able to pay will not be known for some time.

If you purchased the vehicle more than 910 days (2 1/2 years) preceding the date of filing your Chapter 13, we can propose a repayment plan where you only pay the fair market value of the vehicle, plus the adjusted interest; not the full amount the creditor is claiming you owe.

If the creditor has no ability to claim some of your assets when you don't pay (this is often the case with credit cards), the creditor has made an unsecured loan.

If there is not enough money to pay the total of what is owed, the secured creditor is allowed file a proof of claim as an unsecured creditor.

Your repayment plan must include plans to pay priority claims in full, pay secured claims at minimum the value of the collateral and pay unsecured claims up to the amount creditors would receive if your assets were liquidated.

«Second, even if they are considered an asset of a debtor that could be administered by a bankruptcy trustee to pay creditor claims, they very rarely, if ever, are.

Before any debts of the estate are paid, the executor or administrator should see to the publication of the proper advertisement for creditors, claims and other claims against the estate.

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.

The «expenses» have a privileged status (para 99, Sch B1, IA 1986), and they have to be paid by the administrator in priority to all of the claims of the mainstream creditors.

Mr. Martin uses his extensive knowledge and experience of Massachusetts» pre-judgment remedies to obtain judgments, executions on judgments, and payment on judgments for creditors with claims against persons and entities who fail to pay their debts.

BAT Industries v Sequana Acting for BAT Industries in a multi-party, multi-jurisdictional commercial dispute concerning liability for environmental pollution of rivers in the United States, and a claim in Chancery Division for over US$ 800 million in respect of dividends paid out by a company in the face of a contingent indemnity liability in respect of such pollution, allegedly unlawfully, in breach of fiduciary duty and as a transaction defrauding creditors under s423 Insolvency Act 1986.

U.S. Bankruptcy Judge Kevin Gross and Justice Frank Newbould said in separate opinions that each regional business would receive cash to pay its creditors based on their claims against it as a percentage of the overall claims worldwide.

ESP's creditor's claim to be paid for some of the post-petition services was denied.

The unsecured creditors that make up the Committee, most of whom were victims of clergy sexual abuse, will not obtain access to the value of over 200 non-profit entities affiliated with the Archdiocese of Saint Paul and Minneapolis to pay their claims.

Unsecured claim: A debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay, rather than on a special assurance of payment.

The proceeds will be applied to discharge any debt owed to the landlord, to satisfy the claims of secured creditors and the residue will be paid to the tenant.

But because Gardner's creditors have been paid and the trustee, on behalf of the estate, has abandoned Gardner's personal injury claims, Gardner's creditors no longer have an interest in such claims.

It is usually converted to cash, which is used to pay the fees and expenses of the trustee, to pay the claims of priority creditors, and, if there is any left, to pay the claims of unsecured creditors.

As a practical matter, funeral service providers (and lawyers) will require the person engaging their services to pay the bill; that person can then claim reimbursement as a creditor of the estate.

The entire amount that an employer is required to contribute to fund a pension plan wind up deficiency under the Ontario Pension Benefits Act is subject to the deemed trust provisions of the PBA and, in the circumstances, the amount subject to the deemed trust should be paid in priority to outstanding secured creditor claims.

The documents outline a plan for new investors to pour $ 150 million in the company, pay an additional $ 130 million to settle claims with outstanding creditors, and then assume control of Faraday by November.

I'm not an attorney but Chapter 7 is a liquidation filing where the Trustee sells all assets of the filing party and then pays creditors a portion of their claim.