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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 ...
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. [1] Such ruling requires or authorizes the carrying out of certain steps by one or more parties to a case.
The adviser does not have to be an insolvency practitioner, though often is. The adviser should inform the debtor of all the solutions available, commonly including dealing with priority debts first, re-mortgage, consolidating debts into a loan, debt management, bankruptcy, a Debt Relief Order, and IVA. The adviser should look at all the debtor ...
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 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.
[citation needed] In most cases, if the debtor is unable or unwilling to pay an outstanding debt, the creditor must first obtain either a court order authorizing the repossession (Vollstreckungsbescheid, only possible if the debtor does not contest the debt) or a regular court judgment. The debt must then be collected by an officer of the court ...
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