Sentences with phrase «qualified debtor»

At times, the creditor will refuse to cooperate with the debtor in a debt settlement and so most debt settlement companies have certain guidelines and eligibility requirements to ensure that they are representing a qualified debtor.

In a Chapter 7 bankruptcy case, a qualified debtor can usually discharge — or legally eliminate the obligation to pay — most unsecured debt.

Filing Chapter 7 bankruptcy allows qualifying debtors to discharge some of their unsecured debts, which means creditors will not have the legal right to continue debt collection efforts following the debt discharge.

Chapter 7 bankruptcy allows qualifying debtors to discharge certain unsecured debts.

Not exact matches

According to the PSLF, the debtor only has to be in a public service career and make 120 consecutive payments to qualify.

While the new bankruptcy laws limit debtors who can qualify to file Chapter 7, many are still finding benefits in filing these discharges.

Debtors who owe more than they can afford to repay may qualify for assistance from certified credit counseling programs that work with creditors to develop a repayment program at reduced cost.

Lenders require credit reports to easily assess whether you qualify as a good and reliable debtor.

Now that you understand the difference between a «real student loan (i.e., a qualified education loan)» and «a loan made to a student (i.e., a non-qualified education loan)» you may be wondering why debtors have such a hard time in court.

Student loan debtors working in public service fields like teaching may qualify for forgiveness, but only after making 10 years of payments.

Trustees are to consider the income loss, increased expenses, and other effects of a natural disaster as «special circumstances» that may allow a debtor who doesn't otherwise pass the means test to qualify for Chapter 7.

Debtors with disposable income between $ 6,000 and $ 10,000 must pass an additional means test to qualify for Chapter 7 Bankruptcy.

As of October 17, 2005, after the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, debtors now must meet stricter requirements to qualify for Chapter 7 Bankruptcy.

To qualify for Chapter 13 Bankruptcy, debtors must be able to prove to the court that they can pay certain debts in full.

11 USC § 523 (a)(8) excepts from discharge, loans guaranteed by a governmental unit or a qualified education loan as defined in section 221 (d)(1) of the Internal Revenue Code of 1986 incurred by an individual debtor, unless excepting the loan form discharge would create an undue hardship upon debtor.

any other educational loan that is a qualified education loan, as defined in section 221 (d)(1) of the Internal Revenue Code of 1986, incurred by a debtor who is an individual...»

While Chapter 13 is not available to all debtors, those who qualify may find that it offers the flexibility they need to get their finances back on track without starting at ground zero, financially speaking.

In most cases (probably 90 percent or more), the bankruptcy judges rule that student loan debtors do not qualify for bankruptcy relief under the «undue hardship» test.

Chapter 13 and high income: Some debtors have too high an income, compared to their necessary household expenses, to qualify for a chapter 7.

Debtors whose income is too high or who have too much disposable income will not qualify for Chapter 7 Bankruptcy.

Most debtors do not qualify for Chapter 7 bankruptcy, however, because they do not have enough qualifying assets to cover their bills.

Some advantages bankruptcy protection might offer a bankrupt debtor is that you can obtain an automatic stay which means the mere request for bankruptcy protection automatically stops and brings to a cessation certain lawsuits, foreclosures, utility shut - offs, evictions, repossessions, garnishments, attachments, and debt collection harassment, filing might save your home, you can reschedule secured debts, you can receive protection for co-debtors you can keep all non-exempt property, you can consolidate all your loans under one plan, all or part of your loans may be completely forgiven, and you can extend certain tax obligations, student loans, or other such qualifying debts.

The United States Congress, in an effort to tighten the requirements for bankruptcy and reduce the number of debtors who were able to qualify to have their unsecured debts discharged by filing Chapter 7 bankruptcy, passed the Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005.

This law not only required debtors to pass an income test prior to qualifying for Chapter 7 bankruptcy but also required debtors to complete credit counseling prior to filing bankruptcy and to complete a Pre-Discharge Debtor Education course prior to the discharge of their debts.

If the debtor qualifies and elects to be considered a small business, the case is put on a «fast track» and treated differently that a regular Chapter 11.

When you complete the debtor education course depends on the type of bankruptcy you qualify for: Chapter 7 or Chapter 13.

In analyzing the potential consequences of a personal bankruptcy, one of the questions is whether the debtor have too much income to qualify for chapter 7.

Debtor does not believe that her loan meets the definitional requirements for exemption because she does not believe the loan was made for «qualified higher education expenses», that CTI was an «eligible educational institution,» and does not believe that she was an «eligible student» as those terms are defined by 26 USC 221 (d) which is referred in § 523 (a)(8)(B) for the discharge of «qualified educational loans.

Information concerning any interest the debtor has in federal or state qualified education or tuition accounts

It's got to be real, though — you can't open up a bank account with $ 1 for the purpose of qualifying to be a debtor in bankruptcy court.

In Proctor v. Navient the debtor had co-signed for student loans for someone who was not a relative or dependent and said to not be qualified student loans protected in bankruptcy.

Once debtors engage in debt consolidation programs they will be advised by debt counselors whether they are qualified for the debt management plan.

Amendments to the Bankruptcy Code enacted in to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require the application of a â $ means testâ $ to determine whether individual consumer debtors qualify for relief under Chapter 7.

Most debtors with a very low income will qualify for Chapter 7 bankruptcy.

Debt settlement can be a viable option for debtors who can not pay off their debts in full and can not qualify for a Chapter 7 bankruptcy filing.

Now, even debtors have options if they find and qualify for the right credit and debt consolidation plan.

While the Chapter 7 means test has made it more challenging for some debtors to qualify for a Chapter 7 discharge, many consumers still qualify under the means test, especially if they understand bankruptcy law or have sound legal advice from a qualified bankruptcy attorney.

EDNY), servicers illegally continued collecting private student loans that were fully discharged in debtor bankruptcies because they were not qualified educational loans.

To qualify for a Chapter 7 bankruptcy, the debtor must earn less than the state median income on a monthly basis and submit to a «means test» that examines their financial records, including income and expenses, along with secured (mortgages and car loans) and unsecured debt (credit card bills, personal loans, medical expenses).

To qualify for relief, debtors must pass the means test if they have above - average income based on similarly situated individuals in their state.

Getting a second credit consolidation loan is unlikely, because at this point the debtor's credit rating is too low to qualify.

A debtor will also have to qualify to file Chapter 7 by taking the means test, which involves a comparison of the debtor's income against the state median.

Debtors owing no more than # 15,000, with assets worth no more than # 300 and no more than # 50 per month in surplus disposable income will qualify (The Insolvency Proceedings (Monetary Limits)(Amendment) Order 2009 (SI 2009/465).

Debtors in Connecticut and Massachusetts must pass a means test, and those who aren't eligible for chapter 7 may qualify for chapter 13, or reorganization bankruptcy.

Even after the Bankruptcy Reform Act of 2005, debtors can qualify for Chapter 7 and eliminate unsecured debts including medical expenses, credit card debts, and other loans.

This directory was built to offer debtors, both individuals and businesses, with access to helpful information and qualified legal professionals who handle bankruptcy and various other debt - related matters.

There's no means test for Chapter 13 bankruptcy, and some debtors who can not qualify for Chapter 7 bankruptcy opt to file under Chapter 13 bankruptcy instead.