Sentences with phrase «under chapter»

Under Chapter 7 bankruptcy, certain debts are completely discharged, meaning that the filers do not have to pay them.

Note: there are no real options to save your home from foreclosure under Chapter 7.

If you have concluded that you need to file for personal bankruptcy, you face the choice of filing under Chapter 7 or Chapter 13 of the US Bankruptcy Code.

Under Chapter 13, the court will take your disposable income for payment of creditors for 3 to 5 years.

In simple terms: if your income is too high, you will probably be required to file a 5 year repayment plan under Chapter 13.

By the definitions above, if your income is less than the state median, you do qualify to file for bankruptcy under Chapter 7.

The U.S. Trustee's Office will then review the case and either (1) ask the Court to dismiss the case or require the debtor to convert the case to a Chapter 13 or (2) agree that the case is not abusive and should be allowed to proceed under Chapter 7.

By «bankruptcy,» most people mean filing under Chapter 7 of the bankruptcy code.

In a move to force more debtors into a Chapter 13 Wage Earner repayment plan, instead of allowing for a straight liquidation bankruptcy under Chapter 7, the trustee or any creditor can bring a motion to dismiss a Chapter 7 application if the debtor's income is greater than the state median income.

(6) A person licensed as a real estate broker or salesperson under Chapter 29 of Title 24 acting within the course and scope of that license;

Under Chapter 13 debtors repay their creditors, either in full or in part, over a period of up to three years.

However, in a Chapter 13 case, the debtor must complete all of their payments under the Chapter 13 plan before a discharge is granted.

On July 1, 1994, they filed a petition for relief under Chapter 7 of the Bankruptcy Code.

Successful qualification under the Chapter 7 means test can make an enormous difference in your financial foundation as you rebuild for the future.

If you can not qualify under the Chapter 7 means tests, you will be forced to seek Chapter 13 bankruptcy relief.

If a debtor's current net monthly income (based on the last six month's average), less one - sixtieth of secured payments and priority debts, less allowed expenses permitted by the IRS and certain other allowed expenses, is greater than $ 100 per month, the trustee or any creditor can request that you be required to file under Chapter 13.

The following types of secured debt are not eligible for discharge under Chapter 7:

Under Chapter 13, filers are put in a repayment plan rather than having many of their debts discharged.

If the income that's left over is less than $ 100, you can still file under Chapter 7.

It now costs $ 200 to file for bankruptcy under chapter 7 and $ 185 to file for bankruptcy under chapter 13, whether for one person or a married couple.

Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

Under the old rules, people who filed under Chapter 13 had to devote all of their disposable income (what they had left after paying their actual living expenses) to their repayment plan.

These laws were designed make it more difficult for consumers and businesses to file under Chapter 7 bankruptcy, under which most debts are forgiven (discharged), and instead be forced to file under Chapter 13.

This document also includes temporary regulations providing additional rules under chapter 3 of the Code.

In addition, stock and commodity brokers are prohibited from filing under chapter 11 and are restricted to chapter 7.

(1) estimated itemized deductions allowable under chapter 1 (other than the deductions referred to in section 151 and other than the deductions required to be taken into account in determining adjusted gross income under section 62 (a)(other than paragraph (10) thereof)-RRB-,

Filing for bankruptcy under Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the Chapter 7 bankruptcy process.

CIT Group, Inc., files for bankruptcy protection under Chapter 11 of the bankruptcy code.

After notice and hearing, the administrator may order a licensee under this chapter or a person acting on behalf of the licensee to cease and desist from engaging in violations of this chapter.

(c) As to transactions entered into after May 20, 1996, a creditor shall have no liability under this chapter for any act or practice done or omitted in conformity with any (i) regulation of the administrator, or (ii) any rule, regulation, interpretation, or approval of any applicable Alabama or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred, the regulation, rule, interpretation, opinion, or approval is amended, rescinded, or determined by judicial or other authority to be invalid for any reason; provided, however, that any interpretation or opinion issued after May 20, 1996, shall not have any effect on any litigation pending on May 20, 1996, nor shall any interpretation or opinion issued after May 20, 1996, have any effect on litigation if issued subsequent to filing of the litigation.

(a) The administrator may issue to a person licensed under this chapter an order to show cause why his license should not be revoked or suspended for a period not in excess of six months.

A seller, with respect to consumer credit sale transactions and the financing of charges permitted by this chapter, is not required to be licensed under this chapter.

The administrator from time to time may promulgate regulations pursuant to Section 5-19-21 further establishing charges and fees which constitute a finance charge and the manner in which the finance charge is determined to assure consistency between the meaning of «finance charge» under this chapter and the meaning and application of «finance charge» under the above - referenced Federal Truth - in - Lending Act, regulations and Official Staff Commentary, as the same may be amended from time to time.

Even under a Chapter 13 filing, where you have to make monthly payments for several years, this arrangement can give you valuable time to rearrange and improve your finances so that you'll come out of the process in a stronger financial position.

A voluntary bankruptcy is commenced when you file a petition with the Bankruptcy Court requesting protection from your creditors under Chapter 7 or Chapter 13.

Upon your final payment under your Chapter 13 repayment plan, you will receive your formal discharge notice from the court.

The discharge is also somewhat broader (i.e., more debts are eliminated) under Chapter 13 than the discharge under Chapter 7.

Except as provided in subsection (a), any creditor who fails to comply with any requirement imposed under this chapter with respect to any person is liable to the person only for the actual economic damages sustained by the person as the result of the failure.

You no longer need to make payments to your creditors (though you will have to make payments to the bankruptcy trustee under a Chapter 13 bankruptcy) and your creditors will no longer be permitted to contact you.

whether the consumer credit transaction or other transaction is made under the provisions of the National Housing Act, or where the creditor is exempt from licensing under this chapter, (ii) where the credit transaction is not a consumer transaction, (iii) where the credit transaction is by a trust institution as defined in Section 5 - 12A - 1 (1), in its capacity as a fiduciary under any plan or agreement qualified under 26 USC 401 (a) or defined by 5 USC 8437, 26 USC 403 (b), or 26 USC 457, or a trust exempt under 26 USC 501, or (iv) to any municipal pension system created under the laws of the State of Alabama.

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.

(d) No license shall be issued unless the administrator determines that the financial responsibility, character, and fitness of the applicant, and of the members thereof if the applicant is a partnership or association, officers and directors thereof if the applicant is a corporation are such as to warrant belief that the business will be operated honestly and fairly within the purpose of this chapter and finds that the applicant has assets available for the operation of business under this chapter of at least twenty - five thousand dollars ($ 25,000).

Under Chapter 7, some of your non-exempt assets may be sold to pay off your debts, while other property is protected (exempt) and can't be sold (what property is exempt versus non-exempt depends on both state and federal law).

(3) Any creditor licensed under this chapter adjudged after May 20, 1996 by a court of competent jurisdiction in any civil action to be in deliberate violation of or in reckless disregard for this chapter shall within 10 days of such adjudication forward a copy of the judgment to the administrator.

In most cases, you get more tax debt discharged under Chapter 13, than under under 11.

Under Chapter 13 bankruptcy, you have different payment options.

If your income exceeds the state medium you can be forced to file under Chapter 13 (a repayment program) and not Chapter 7 (a discharge and forgiveness plan).

You now must wait eight years after receiving a discharge in Chapter 7 before you can file again under that chapter.

Typical restructuring under Chapter 13 allows for you to repay your creditors and keep your assets.

Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.