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The new legislation also requires that all individual debtors in either chapter 7 or chapter 13 complete an "instructional course concerning personal financial management." If a chapter 7 debtor does not complete the course, it constitutes grounds for denial of discharge pursuant to new . The financial management program is experimental and the ...
Synapse Financial Technologies, Inc. was an American banking as a service company. Based in San Francisco, Synapse filed for chapter 11 bankruptcy protection in April 2024. [2] [3] Synapse claimed to keep customer deposits in FDIC insured bank accounts, and argued that this provided a comparable level of depositor protection to conventional ...
If a Chapter 7 debtor does not complete the course, this constitutes grounds for denial of discharge pursuant to new §727(a)(11). [6] The financial management program is experimental and the effectiveness of the program is to be studied for 18 months. Theoretically, if the educational courses prove to be ineffective, the requirement may disappear.
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
52-0910763 [1] Legal status: 501(c)(6) membership corporation [1] Purpose: To work to return customers' cash, stock, other securities, and other property when a brokerage firm is closed due to bankruptcy or other financial difficulties and customer assets are missing. Headquarters: 1667 K Street NW, Suite 1000, Washington, D.C. 20006, United States
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...