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The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
Here are some of the actions to take if you think you may be late or unable to make payments: Reach out to your bankruptcy trustee and request more time to catch up. Notify your attorney if you ...
Filing for bankruptcy, on the other hand, is a legal process that involves listing your debts and assets and finding a way to resolve the debts. Default and bankruptcy usually go hand in hand.
Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. Insolvency: A legal term meaning debtors are unable to pay their debts. Bankruptcy: A legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
A credit record is a record of the credit history of a person or business entity, potentially including payment history, default and bankruptcy. Information about debts, late payments and default may be placed by a borrower's credit record, and usually remain for several years. Reports to credit reporting agencies may not necessarily be ...