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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 ...
Texas Department of Motor Vehicles Building 1, the headquarters. The Texas Department of Motor Vehicles (TxDMV) is a state agency of Texas, headquartered in Austin.The agency handles vehicle registration and titling, authorizes operating authorities of motor carriers, and gives grants to law enforcement agencies to increase public awareness about automobile theft and to reduce automobile theft.
Abandoned car repair station in Victoria, Australia. In law, abandonment is the relinquishment, giving up, or renunciation of an interest, claim, privilege, possession, [1] civil proceedings, appeal, or right, especially with the intent of never again resuming or reasserting it. Such intentional action may take the form of a discontinuance or a ...
If the law expires, forgiven mortgage debt will be taxable. The same applies to foreclosures and to loan modifications in which principal is reduced. Once the lender writes off the debt, it will report the amount to the IRS. Homeowners should expect to receive Form 1099-C, Cancellation of Debt showing the cancelled debt amount.
In Scotland, the equivalent statutory debt solution is known as a protected trust deed. The IVA was established by and is governed by Part VIII of the Insolvency Act 1986. It constitutes a formal repayment proposal presented to a debtor's creditors via an insolvency practitioner. Usually but not necessarily, the IVA comprises only the claims of ...
On August 5, 2010, the IRS announced that for the upcoming 2011 tax filing season, the agency would no longer be providing preparers and associated financial institutions with the "debt indicator" (a one-letter code that discloses whether or not the taxpayer owes back taxes and whether or not the taxpayer owes federally collected obligations ...
A shotgun clause (or Texas Shootout Clause [1]) is a term of art, rather than a legal term. It is a specific type of exit provision that may be included in a shareholders' agreement, and may often be referred to as a buy-sell agreement. The shotgun clause allows a shareholder to offer a specific price per share for the other shareholder(s ...
Executive Order 8484, issued on July 10, 1940, by U.S. President Franklin D. Roosevelt, was one of a series of amendments to Executive Order 8389. [ 1 ] [ 2 ] Order 8389, issued on April 10, 1940, had frozen Norwegian and Danish financial assets held in the U.S., following their occupation by Nazi Germany during World War II .