Montana Mont. LBF 9. DEBTOR'S CONSENT TO CREDITOR'S MOTION TO MODIFY STAY [MONT. LB 4001-1(a)], is a legal form that is used by creditors to ask for the court’s permission to modify a stay that is currently in place. It allows creditors to take action to collect a debt that is owed to them without violating the stay. There are two types of Montana Mont. LBF 9. DEBTOR'S CONSENT TO CREDITOR'S MOTION TO MODIFY STAY [MONT. LB 4001-1(a)]: voluntary and involuntary. A voluntary form is used when the debtor agrees to the modification of the stay and signs the form. An involuntary form is used when the debtor does not agree to the modification and the creditor must ask the court to approve the modification. The form includes information about the debtor, the creditor, the amount of debt owed, the proposed modification, and the debtor's signature. The form must be filed with the court to be valid.
Montana Mont. LBF 9. DEBTOR'S CONSENT TO CREDITOR'S MOTION TO MODIFY STAY [MONT. LBR 4001-1(a)]
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FAQ
If you're no longer required to make payments on your loan(s) due to other circumstances, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called discharge.
Debt discharge is the cancellation of a debt due to bankruptcy. When a debt is discharged, the debtor is no longer liable for the debt and the lender is no longer allowed to make attempts to collect the debt. Debt discharge can result in taxable income to the debtor unless certain IRS conditions are met.
A discharge releases a debtor from personal liability of certain debts known as dischargeable debts, and prevents the creditors owed those debts from taking any action against the debtor or the debtor's property to collect the debts.
You cannot remove a discharged debt from your credit report unless the information listed is incorrect. Even though you repaid the debt, partially or in full, or the lender stopped its collection attempts, the entry will remain on your report for seven years.
Chapter 13 also contains a special automatic stay provision that protects co-debtors. Unless the bankruptcy court authorizes otherwise, a creditor may not seek to collect a "consumer debt" from any individual who is liable along with the debtor. 11 U.S.C. § 1301(a).
Once the debt is discharged by the bankruptcy court, the discharge permanently bars the creditor or debt collector from collection of the debt. Filing for bankruptcy can have long-term consequences so consult a bankruptcy attorney to learn more.
Courts can issue a discharge ruling when the debtor meets the discharge requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, or the ruling is based on a debt canceling. A canceling of debt happens when the lender agrees that the rest of the debt is forgiven.
If a debtor fails to keep up with payments under their repayment plan in a Chapter 13 bankruptcy, the bankruptcy trustee may file a motion to dismiss their case. This means that their debts would not be discharged because the case would be considered unsuccessful.