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The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
The court may give relief to the creditor in the form of periodic cash payments or an additional or replacement lien on the property. Concerned that debtors may exploit some of the advantages of automatic stay provisions, the United States Congress in 1994 provided some relief to certain creditors, such as creditors having a secured interest in ...
The Federal Rules of Bankruptcy Procedure (abbreviated Fed. R. Bankr. P. or FRBP) are a set of rules promulgated by the Supreme Court of the United States under the Rules Enabling Act, directing procedures in the United States bankruptcy courts. They are the bankruptcy law counterpart to the Federal Rules of Civil Procedure.
If you cannot modify your monthly payments and aren’t approved for a hardship discharge, it may make sense to convert to Chapter 7 bankruptcy. This is where your nonexempt property will be sold ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
The court could dismiss your case or change it to a Chapter 7 if you’re late on your payment. You can request a payment reduction if you’ve been faced with an unexpected financial hardship.
However, if the debtor fails to make the agreed upon payments or fails to seek or gain court approval of a modified plan, a bankruptcy court will normally dismiss the case on the motion of the trustee. [65] After a dismissal, creditors may resume pursuit of state law remedies to recover the unpaid debt.
The court may decide to grant your petition to discharge all of your student loans. It might also opt to grant a partial discharge of part of your loans, or no discharge at all. Chapter 7 vs ...
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