Sentences with phrase «time the bankruptcy repayment»

The total amount repaid to creditors is determined by the length of time the bankruptcy repayment period lasts and the amount paid to the creditor each month.

Not exact matches

Once you've found that other repayment options are not possible you may want to file bankruptcy and decide when the right time to file bankruptcy is.

Judge Pappas noted that Brunner was decided in 1987, at a time when the bankruptcy code allowed discharge of student loan debts on either of two grounds: first, if the student loans had been in repayment status for five years or more on the date the bankruptcy was filed, or second, if repayment of the student loans would constitute an undue hardship on the debtor.

The time period drops to seven years from the date you file for Chapter 13 bankruptcy because of the repayment plan you negotiated.

A chapter 13 case is when a debtor declares bankruptcy in order to create a repayment plan to settle all their existing debts within a specific time frame.

Another reason that a lot of people have a difficult time with bankruptcy is when it comes to creating a repayment plan that works for their limited money.

For Chapter 13 bankruptcies (a less common option that requires the consumer to adhere to a repayment plan), a minimum timeline before applying for an FHA home loan is one year of on - time payments to the trustee of the repayment plan.

If a client is in default on their mortgage loan at the time the bankruptcy case is filed, the chapter 13 plan can provide for a repayment (it's called a «cure») of the back house payments.

• Loans in bankruptcy should be classified Loss and charged off within 60 days of receipt of notification of filing from the bankruptcy court or within the time frames specified in this classification policy, whichever is shorter, unless the institution can clearly demonstrate and document that repayment is likely to occur.

These are the types of debts you should stop making payments toward if you plan to file in a short period of time, because they will likely be discharged in your Chapter 7 bankruptcy or rolled into your repayment plan in a Chapter 13.

By filing for bankruptcy, they get time for repayment, and some leniency in the total amount to be paid.