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For example, the court may not allow you to reaffirm a debt of $3,000 for a vehicle that may be worth $1,000. If a debtor reaffirms a debt and fails to pay it, the debt remains owed as though there were no bankruptcy and the creditor can take action to collect the debt. This reaffirmed debt is not discharged or wiped out by the bankruptcy ...
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
The willingness of governments to allow lenders to place debtor-in-possession financing claims ahead of an insolvent company's existing debt varies; US bankruptcy law expressly allows this [8] while French law had long treated the practice as soutien abusif, requiring employees and state interests be paid first even if the end result was liquidation instead of corporate restructuring.
If the debtor loses the discharge order, the debtor can request a copy of the document from the clerk of the bankruptcy court that entered the order. Typically, fees are associated with the retrieval and certification of the documents. Some bankruptcy courts may use the PACER system, where the debtor can access the discharge order ...
Key takeaways. Chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by ...
A motorcycle loan will work differently depending on whether you opt for a secured or unsecured loan. Secured motorcycle loans work similarly to auto loans. The motorcycle is the collateral; if ...
The loans are made by private lenders with the caveat that the government will pay off the loans if the company defaults on them. Chrysler did not go into default. Another example was the creation of the Emergency Loan Guarantee Board to administer $250 million in US government loan guarantees made to private lenders on behalf of Lockheed in 1971.
Thirty days after your Chapter 13 filing date, you are required to begin making plan payments to the bankruptcy trustee for your case. This is required even if the court hasn’t approved your ...