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Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
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 ...
A court order is an official proclamation by a judge (or panel of judges) that defines the legal relationships between the parties to a hearing, a trial, an appeal or other court proceedings. [2] Such ruling requires or authorizes the carrying out of certain steps by one or more parties to a case.
This notice may be given at least sixty days after the date of application for debt review: that is, if the debt-review process is dragging on too long. The credit provider may then take steps to enforce the agreement. The court then has the discretion to order that the debt review resume if appropriate.
Allocation of debt responsibility in divorce largely depends on the type of debt and the state’s laws governing asset division. Courts typically categorize debts into two main types: marital and ...
A portion of each payment is taken as fees for the debt settlement company, and the rest is put into the trust account. The consumer is told not to pay anything to the creditors. The debt settlement company's fees are usually specified in the enrollment contract, and may range from 10% to 75% of the total amount of debt to be settled. [13]
Staying with a debt repayment plan can help you organize your finances better, avoid missed payments, be more prepared for potential setbacks and have a clear idea of when your debt can be paid ...
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.
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