The purpose of this form is to show creditors the dire financial situation that the debtor is in so as to induce the creditors to compromise or write off the debt due.
Nebraska Debtor's Affidavit of Financial Status to Induce Creditor to Compromise or Write off the Debt which is Past Due - Assets and Liabilities
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A creditor will usually object to the discharge of its particular debt when fraud or an intentional wrongful act occurs before the bankruptcy case. For instance, examples of nondischargeable debts, if proven, could include: The costs and damages caused by intentional and spiteful conduct.
If a creditor chooses to object to bankruptcy, it must file an official objection in court, called an adversary proceeding. In order to halt the discharge, the creditor objects to specific discharges on a limited set of legal grounds. If the court grants the objection, you'll remain responsible for paying the debt.
A Chapter 13 Plan may modify an automobile lien and if the plan completes and you receive a discharge the debt will be gone and the car lienholder is obligated to release its lien upon discharge. In certain circumstances a Chapter 13 Plan and subsequent discharge may avoid a second or third mortgage lien.
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
The word bankrupt comes from the Latin banca rupta, which literally means broken bench, after the practice of moneylenders breaking the table they used when they were no longer in business.
Chapter 11 bankruptcy is the formal process that allows debtors and creditors to resolve the problem of the debtor's financial shortcomings through a reorganization plan. Accordingly, the central goal of chapter 11 is to create a viable economic entity by reorganizing the debtor's debt structure.
Although it doesn't happen in most consumer cases, creditors have the ability to object to having their debt discharged. Some debts are not dischargeable by default. Others become non-dischargeable once a creditor objects and the court finds that cause exists to exclude a certain debt from being discharged.
Discharge Time Frame Getting a discharge in a Chapter 13 case generally takes between six and eight weeks after making your plan's final payment. This time frame depends upon the court's caseload the busier the court, the longer you may have to wait for your discharge letter.
In a Chapter 7 bankruptcy, a creditor or trustee can either object to the discharge of a particular debt or they can object to the discharge of all of your debts. If a creditor objects to a specific debt, it will not affect any of the other debts in your case.
Getting a discharge means that your personal liability on qualifying debt is wiped out, and the creditor can no longer do anything to collect the debt from you. Creditors aren't allowed to call you, sue you, garnish your wages, or continue any other collection efforts on the discharged debt.