New Federal Loan Modification Rules To Now Work With Chapter 13 Bankruptcy Laws

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Between 21 and 50 days after the debtor files the chapter 13 petition, the chapter 13 trustee will hold a meeting of creditors. If the U.S. trustee or bankruptcy administrator schedules the meeting at a place that does not have regular U.S. trustee or bankruptcy administrator staffing, the meeting may be held no more than 60 days after the debtor files.

 · For those filing Chapter 13 bankruptcy, the repayment period has been extended to five years instead of three. State Exemptions You cannot use the exemptions in your state of residence unless you have lived there at least two years.

One of the understandable fears about filing for Chapter 13 Bankruptcy is that your car might break down, and you can’t get to work. But because you are still in an active bankruptcy, no car loan company will be willing to work with you for a new loan.

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THE NEW BANKRUPTCY LAW will prohibit some filers with higher incomes from using Chapter 7, who will instead have to repay at least some of their debt under Chapter 13.. UNDER THE OLD RULES, most people could choose the type of bankruptcy that seemed best for them (the majority would choose CHAPTER 7 over CHAPTER 13.)

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The deadline for creditors to file a proof of claim was revised in an amendment to Federal Rules of Bankruptcy Procedure 3002. The new deadline will affect bankruptcies filed under Chapter 7, in which debtors liquidate assets; Chapter 12, which enables family farmers and fishermen to restructure their finances; and chapter 13. previously creditors had 90 days after an initial meeting of creditors was held.

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Recently, a bankruptcy judge in the United States Bankruptcy Court for the Eastern District of North Carolina issued a ruling that makes it more difficult for lenders to modify loans when a former guarantor has been discharged of the same obligation in bankruptcy but agrees, post-discharge, to again guaranty the obligation.

Filing Bankruptcy: What You Need to Know About Chapter 7 vs.. They refer to the chapters of the bankruptcy code under which your case may be filed.. The debtor may even be able to set up new terms for repayment of a car loan.. taxes , and student loans are all types of debt that may not be eligible for.

no penalty for early repayment and the ability to transfer the loan, which can help you sell the house down the road. Sometimes veterans’ pay can be tax-free. For example, disabled vets may be.

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