Finish sentence in the Bankruptcy Agreement

Aug 6th, 2022
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How to finish sentence in the Bankruptcy Agreement

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hi welcome back to finally revealed in this episode I want to go over 20 these are not all of them but I want to go over 20 bankruptcy terms some other videos talking about the individual chapters and some other areas but I thought it would be helpful to put definitions in one section and so I will link this to those other videos so that its easy to find if you need to come back again I realize by going through this list Im going to have to do another video because there are some other common terms that are not on this list but I dont want to make the video too long so without further ado here are 20 bankruptcy terms debtor the debtor is the person or entity who is who the case is about so if it is your personal bankruptcy you are the debtor if it is a coram ploy er XYZ company files a chapter 11 XYZ company is the debtor creditor there are two main kinds of creditors an unsecured creditor and a secured creditor a secured creditor is a person or entity who is owed money from the deb

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In most chapter 7 cases, if the debtor is an individual, he or she receives a discharge that releases him or her from personal liability for certain dischargeable debts. The debtor normally receives a discharge just a few months after the petition is filed.
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
When you complete your Chapter 13 repayment plan, youll receive a discharge order that will wipe out the remaining balance of qualifying debt. In fact, a Chapter 13 bankruptcy discharge is even broader than a Chapter 7 discharge because it wipes out certain debts in Chapter 7 bankruptcy.
For instance, a debtor might make a reaffirmation agreement with the holder of a car note to prevent the partition of the car. This would allow the debtor to keep the car in exchange for his promise to continue paying the debt after the bankruptcy proceedings.
What is a discharge in bankruptcy? A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
Instead, bankruptcy law sets forth the order that your bankruptcy trustee must pay your debts. Usually, the trustee pays them in this order: secured debts first, followed by priority debts, and then unsecured debts.
After a year of being bankrupt, youll usually be discharged from bankruptcy. This releases you from any debts covered by your bankruptcy. It also takes away the restrictions of bankruptcy, unless a bankruptcy restrictions order or bankruptcy restrictions undertaking has been made.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But suppose you dont continue to pay as agreed. In that case, the lender will take back the home, car, or other collateralized property using the lenders lien rights.

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