Sentences with phrase «unsecured during a bankruptcy»

All of your debts are classified as secured or unsecured during a bankruptcy, which affects how they're discharged or repaid.

Not exact matches

If your disposable income during this period does not exceed your unsecured non-priority debts by 25 percent, you will «pass» the means test and generally be permitted to file for a Chapter 7 bankruptcy discharge.

Inside the Minds: Creditors» Rights In Chapter 11 Cases - Leading Lawyers On Identifying And Protecting The Rights Of Secured And Unsecured Creditors During Chapter 11 Bankruptcy Cases,

During Chapter 7 bankruptcy, most, if not all, unsecured debt could be completely retired.

Applying the common - law «interest stops rule» normally applied in Bankruptcy and Insolvency Act proceedings, Justice Newbould ruled that post-filing interest was not payable on the Crossover Bonds.5 Justice Newbould began his reasons with reference to the «fundamental tenet of insolvency law that all debts shall be pari passu and all unsecured creditors [shall] receive equal treatment».6 Justice Newbould found that the status quo with respect to unsecured creditors should be maintained as at the date of Nortel's filing and that to permit certain claims to grow disproportionately to others during the CCAA stay period would violate the status quo.

This type of debt is classified as «unsecured» and may be entirely discharged during Chapter 7 bankruptcy.