Sentences with phrase «treated as another creditor»

While the government is, for the most part, treated as another creditor in consumer debt solutions, such as a consumer proposal or personal bankruptcy, CRA does have additional collection powers, granted to it under our tax laws.

Not exact matches

As Tracy Alloway outlined, this move appeared to «fly in the face of the pari passu (literally «equal footing») notion that demands creditors be treated equally and without preference.»

In the event of failure of PNC Bank, National Association, deposits with the PNC Bank Canada Branch would be treated as unsecured general liabilities, and you would be considered a general creditor of PNC Bank, National Association.

Mr. Talbott seems to be saying that treating student loans the same as other debts in bankruptcy would create greater risk for creditors.

The bankruptcy court treated the $ 7,000 second mortgage as an unsecured debt and discharged the debt when the creditor did not make any proof of claim for the money.

If you're especially charming, you might be able to persuade your creditors to treat the forgiven debt as a gift.

Creditors can't treat you as they please, like some pitiful pariah.

The trustee's role in the process is to act as a sort of referee, ensuring that both the debtor, and the creditors, are treated fairly and evenly.

If you meet certain criteria, you can propose a trust deed to your creditors where your home will not be treated as an asset.

Creditors who do not reply to your trustee within five weeks are treated as if they have agreed.

The right, available in most states and in the bankruptcy process, to treat your residence as exempt property that can not be sold to satisfy the claims of unsecured creditors.

Fisher says in a bankruptcy, your TFSA and your RESP, even though your child is likely the beneficiary, will just be treated as assets that your creditors can get access to in order to be paid.

The Chapter 13 debtor then comes up with a plan as to how all of the creditors will be treated.

The amount that the creditor does not receive will be treated as income when you file your tax return.

If a creditor does not respond to this request within 21 days, the DAS Administrator will treat them as if they have agreed to your payment proposal and they will be bound by it.

Creditors who have not objected in writing within five weeks of the date of the notice of your trust deed will be treated as if they have agreed.

Cash in a fund's custodian bank account generally would be treated as a deposit obligation and become part of the custodian bank's bankruptcy estate, accessible by its general creditors.

Similarly, if an existing creditor makes an inquiry on your account in order to review your account with them, such inquiry will not be treated as hard inquiry.

More specifically, when a creditor wipes out personal liabilities, the IRS treats the amount forgiven as income, except if the taxpayer is bankrupt or insolvent.

If the total amount owed to your first mortgage is greater than fair market value of your property, you can eliminate the security interest to junior lienholders and treat them as general unsecured creditors in your bankruptcy plan (thereby possibly being able to pay them less than 100 %).

- 3.14 — obliged creditors to treat the guarantees as if they had been released.

After canvassing the leading substantive - consolidation standards and cases, Judge Jernigan determined that consolidation is appropriate under any test; her decision turned on a litany of facts and factors, including that (i) the company's «nerve center» is its Texas headquarters and all payroll for employees is effectuated from there, (ii) the company's centralized cash - management system and three bank accounts, (iii) all debtor entities were controlled by common officers and directors, (iv) the existence of substantial intercompany claims, (v) credible testimony demonstrated that preparing individual schedules was extraordinarily difficult and required numerous amendments, (vi) a substantial amount of creditors treated the debtors as a single unit, and (vii) that credible counsel had determined that the primary assets of many debtors — D&O litigation claims — are jointly owned by the debtors.

Although this isn't a mortgage according to the standard use of the term, courts often treat it as one because the parties appear to have set up an agreement in which payments are made over time and the creditor holds an interest in the property as security.

Under the federal tax code, when a creditor cancels a taxpayer's debt, the IRS treats the amount forgiven as income, taxable at ordinary rates.

Under § 1026.17 (c)(6)(ii), when a multiple - advance construction loan may be permanently financed by the same creditor, the construction phase and the permanent phase may be treated as either one transaction or more than one transaction.

The Bureau is concerned that creditors and settlement service providers that currently do not operate on Saturdays, especially smaller entities such as community banks, credit unions, and settlement agents, could disproportionately bear the operating and compliance costs caused by the final rule treating Saturday as a business day for the original Loan Estimate delivery requirement.

Commenters recommended that the creditor either be able to treat these as the same type of service or as different types of services.