Sentences with phrase «portion of the debtor»

Typically this practice is employed over time and a portion of the debtor or cardholder's paycheck is withheld to repay their loan.

A signed agreement by a buyer or borrower, permitting a creditor to collect a certain portion of the debtor's wages from an employer in the event of default.

In general, the last collection resort for lenders is filing a lawsuit and, if a court judgment is granted, the lender can garnish a portion of the debtor's wages, which may force an eventual bankruptcy filing.

A signed agreement by a buyer or borrower, permitting a creditor to collect a certain portion of the debtor's wages from an employer in the event of default, or as method of repayment.

These two provisions may complicate efforts by divorce counsel to address any portion of the debtor's post-petition earnings in a separation agreement or property settlement agreement, particularly since actions taken in violation of the automatic stay may be void or voidable.

Not exact matches

If the debtor's income exceeds these combined expenses by a certain amount, the debtor may be able to pay a reasonable portion of his debt, and filing Chapter 7 is likely to be considered abusive.

Under Chapter 13, debtors agree to pay back a portion of their debt over a period of 3 to 5 years.

Under bankruptcy law, debtors who owe more money than they can afford can either eliminate some (or all) of their debts or work out a payment plan to pay a portion (or all) of their debts over time.

Unfortunately, bankruptcy law changes have made it more difficult to file Chapter 7, and many debtors will now be required to file Chapter 13 and repay a portion of their debt over a 3 or 5 year repayment plan.

c) In cases not coming within paragraph (a) or (b), where the greater portion of the property of the debtor is situated.

Debtor is permanently disabled and his lack of income or resources with which to pay the Student Loans is likely to persist for a significant portion of the repayment period of the Student Loans so any payments could only be made at great hardship to Debtor and his dependants.

(1) That the debtor can not maintain, based on current income and expenses, a minimal standard of living for the debtor and dependents if forced to pay off student loans; (2) that additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and (3) that the debtor has made good faith efforts to repay the loans.

(1) that the debtor can not, based on current income and expenses, maintain a «minimal» standard of living for herself or her dependants if forced to repay the loans; (2) that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and (3) that the debtor has made good faith efforts to repay the loans.

Among the requirements is that debtors can't have more than $ 250,000 of unsecured debt, not including mortgages, and they have to be able to pay off a portion of the debt, either in monthly payments or one lump sum.

According to the U.S. Bankruptcy Code, means testing «refers generally to the eligibility for relief for debtors who have sufficient financial means to pay a portion of their debts.»

The Ninth Circuit considered a case that left a debtor with a $ 68 monthly payment on the undischarged portion, based on the bankruptcy court's finding that a monthly 401 (k) contribution of $ 68 was not «reasonably necessary» to the debtor's «minimal standard of living» under Brunner.

A chapter 13 bankruptcy is a reorganization plan that allows a debtor to take what disposable monthly income he has to pay back all or a portion of his or her debts over a period of either 3 or 5 years.

(c) Except as otherwise provided by law, when any debt is paid in full before the final scheduled payment date, the debtor may do so without penalty, and the creditor shall refund or credit the debtor with not less than that portion of the finance charge which shall be due the debtor as follows:

Bankruptcy is the process by which an honest debtor surrenders a portion of their assets in exchange for the elimination of their debt.

(d) Except as otherwise provided by law, when any debt is renewed or refinanced by any creditor or creditor's affiliate within a period of 90 days from the date the debt is made or incurred, the debtor shall be entitled to a pro rata refund or credit of any unearned portion of the original finance charge computed as of the date of such refinancing or renewal.

In the event of the renewal, refinance, or payment in full of the credit transaction, the debtor shall be entitled to a refund or credit of any unearned portion of the account maintenance fee under subsection (c) of Section 5 -19-4, as of the date of such renewal, refinancing, or payment in full.

On and after January 1, 1997, except as otherwise provided by law, when any debt is renewed or refinanced by any creditor or creditor's affiliate within a period of 120 days from the date the debt is made or incurred, the debtor shall be entitled to a pro rata refund or credit of any unearned portion of the original finance charge computed as of the date of such refinancing or renewal.

A portion of the monthly chapter 13 payment the debtor makes will then be dedicated to catching up on the past - due amount that existed at the time of filing.

A particularly interesting portion of the hearing involved debtor - in - possession financing.

The Brunner test requires the debtor to make a three - part showing in order to prove undue hardship: (1) that the debtor can not maintain, based on current income and expenses, a «minimal standard» of living for herself and her dependents if forced to repay the loans; (2) that additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and (3) that the debtor has made good faith efforts to repay the loans.

Second, the debtor must show «that additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans.»

Recently, the United States Bankruptcy Court for the Southern District of Indiana in In re Fecek, [i] partially discharged a substantial portion a debtor's student loan debt even though the debtor was working full time and earned an income that was above the state median.

In most Chapter 13 cases, the debtors keep their tax refunds after bankruptcy; however, there are cases where the debtors may need to pay a portion of their tax refunds to the trustee as part of their

In most Chapter 13 cases, the debtors keep their tax refunds after bankruptcy; however, there are cases where the debtors may need to pay a portion of their tax refunds to the trustee as part of their bankruptcy plan.

In order to be confirmed by the court, the debtor must prove sufficient income to support a 3 - 5 year plan wherein payments on secured debt such as mortgages and auto loans (including arrears) and non-dischargeable items continue and unsecured creditors typically get paid a small portion of their debts.

Instead of giving up property, a debtor will repay all or a portion of his debt during the bankruptcy period and live within a strict budget that is monitored closely by the bankruptcy trustee.

In broad strokes, the plan called for the substantive consolidation of Adeptus's 140 different debtor entities for plan, voting, and distribution purposes; Deerfield's contribution to equity holders of a portion of its recoveries on its significant deficiency claims from a litigation trust; and the vesting of the reorganized entities» equity in Deerfield in exchange for its secured and DIP debt.