Kentucky Sample Letter for Explanation of Bankruptcy
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How to fill out Sample Letter For Explanation Of Bankruptcy?
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FAQ
Retain: You tell the court you want to keep the property. You may have to pay some or all of the debt that goes with the property. If you want to retain the property, you must tell the court how you will pay the loan on it.
What Is Collection-Proof? "Collection-proof" is a term to describe a person who has no income or assets that can legally be seized for debt repayment. In essence, the debtor doesn't have any assets that a creditor can collect after a court requires the debtor to pay.
Bankruptcy cases get dismissed for a variety of reasons ranging from intentional misconduct (such as fraud) to simply failing to file the correct forms with the court.
Make sure you state you are exercising your rights under the Fair Debt Collection Practices Act. Include a sentence or two describing why you are judgment-proof For example: I am judgment proof because I am living only on Social Security benefits, own limited exempt property, and cannot meet current expenses.
I just got a collection letter....What to do once you are positive the debt is yours, is legitimate and is accurate:Immediately contact the original creditor directly to pay the debt in full.Immediately contact the original creditor to set up monthly payments.Immediately pay the debt to the collection agency.
Does a Debt Collector Have to Show Proof of a Debt? Yes, debt collectors do have to show proof of a debt if you ask them. Make sure you understand your rights under credit collection laws.
Statement of intention is a declaration filed by a debtor in a chapter 7 bankruptcy case. A statement of intention is filed prior to the meeting of the creditors. It is a document that discloses the details of secured debt that a debtor intends to reaffirm. When a debtor reaffirms a debt, it is omitted from discharge.
Make sure you state you are exercising your rights under the Fair Debt Collection Practices Act. Include a sentence or two describing why you are judgment-proof For example: I am judgment proof because I am living only on Social Security benefits, own limited exempt property, and cannot meet current expenses.
A 341 notice is the notice sent by the bankruptcy clerk to the debtor, the creditors, and all other interested parties, notifying them of the date, time, and place in which the 341 meeting (creditors meeting) will be held.
Another term you might hear is judgment proof or "execution proof". If you are collection proof you can write a letter to the debt collector that tells them it is not worth taking you to court. The letter also tells them not to harass you.
