Massachusetts Sample Letter for Priority Issue in Bankruptcy
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How to fill out Sample Letter For Priority Issue In Bankruptcy?
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Letters of explanation addressing these issues should include: An explanation of the negative event. The date it happened. The name of the creditor. Your account number. Your signature and date (if typed or hand-written)
Common reasons that people file for bankruptcy include loss of income, high medical expenses, an unaffordable mortgage, spending beyond their means, or lending money to loved ones.
Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.
Bankruptcy will eliminate most of your debts, such as unsecured debts including credit card bills, medical bills, and payday loans. You may still be required to pay your secured debts, such as your mortgage or motor vehicle loan.
In a Chapter 7 bankruptcy, most of your assets will be sold off to pay your creditors. In a Chapter 13 bankruptcy, you get to keep more of your assets but must repay your creditors in three to five years. Chapter 7 will remain on your credit report for up to 10 years, while Chapter 13 will remain for up to seven years.
Key Elements to Include in the Letter It should include the name and contact information of the debtor, the date of the filing, the court where the bankruptcy was filed, the case number, and the type of bankruptcy filed. It should also provide information about the bankruptcy trustee and the meeting of creditors.
