Secured Debt Shall Formula In Suffolk
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The only types of taxes that may be discharged under a Chapter 7 bankruptcy case are income-based. Additionally, these tax debts must have been due at least three years prior to filing for bankruptcy. There are certain conditions that must be met for the income taxes to be eligible for discharge.
If you file for a Chapter 7 bankruptcy, your secured debt may be discharged, but the lender is also able to repossess the property that secured the debt. In other words, if you have a mortgage on your home and file a Chapter 7 bankruptcy, the mortgage debt may be discharged but the lender can take back your home.
The creditor usually prepares the reaffirmation agreement, but it can also be prepared by a bankruptcy attorney.
If you do not reaffirm the mortgage, your personal liability for paying the debt represented by the promissory note is discharged in your bankruptcy case. The company can foreclose the mortgage and force a foreclosure sale if you stop making payments.
§ 524(c)(1) requires that the agreement be made before the debt was discharged; § 524(c)(2) and § 524(k) require that the debtor is fully disclosed, in clear and conspicuous writing, on which amounts are subject to the reaffirmation agreement; § 542(c)(3) requires that the debtor is informed on the terms of the ...
Contrary to popular belief, there is no specific minimum amount of debt required to file for Chapter 7 bankruptcy.
If you are not represented by an attorney, you must also complete and file with the court a separate document entitled “Motion for Court Approval of Reaffirmation Agreement” unless your Reaffirmation Agreement is for a consumer debt secured by a lien on your real property, such as your home.
How To Fill In A Proof Of Debt Form Box 1 – This is your business name. Box 2 – This is your business address. Box 3 – This is the total amount you are owed. Box 4 – List any supporting documents you have. Box 5 – List any un-capitalised interest on the claim.
If you want to reaffirm, review and complete the information contained in the Reaffirmation Agreement (Part I above). If your case is a joint case, both spouses must sign the agreement if both are reaffirming the debt. 2. Complete the Debtor's Statement in Support of Reaffirmation Agreement (Part II above).
