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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 ...
Chapter 13 bankruptcy does not put your vehicle at risk, and you will continue to make payments under a modified loan agreement. If you are behind on your auto loan, you may be able to reaffirm or ...
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.
A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
722 Redemption is a process within the U.S. bankruptcy code under section 11 U.S.C. 722 that allows a debtor to redeem collateral based on the market value of the collateral. The bankruptcy code allows a debtor to pay the retail value of the collateral in a lump sum payment to the creditor in exchange for the lien on the collateral being released.
Depending on the status of your payment plan, you have a few options to request a payment reduction. With confirmed Chapter 13 plans, you can ask the court to reduce your monthly payment amounts ...
A reaffirmation agreement in United States bankruptcy law refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding. A properly executed, timely filed reaffirmation agreement modifies the discharge such that it is rendered inoperable ...
After that, the remaining loan balance is forgiven. “Going this route can help you eventually get free of your debt, but it will take a long time to get there,” says debt attorney Leslie Tayne ...