Massachusetts Sample Letter for Explanation of Bankruptcy
Description
How to fill out Sample Letter For Explanation Of Bankruptcy?
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FAQ
Redemption is a tool available only in a Chapter 7 Bankruptcy. It allows you to pay off a loan by paying an amount equal to the value of the loan collateral. However, redemption may not be an option for all Chapter 7 debtors because it requires you to pay off the loan in a lump sum.
Another one of the myriad documents that you must complete when you file for bankruptcy is Official Form 108, called the "Statement of Intention." This document tells the bankruptcy trustee, the judge, and your creditors what you intend to do with certain property and certain leases.
The law doesn't require you to notify your creditors before you file bankruptcy, but you may choose to tell some or all of them. Whether notifying your creditors is a good idea depends on the creditor, type of debt, account status, and what you hope to accomplish.
The bankruptcy is reported in the public records section of your credit report. Both the bankruptcy and the accounts included in the bankruptcy should indicate they are discharged once the bankruptcy has been completed. To verify this, the first step is to get a copy of your personal credit report.
Give your name, address and court number (to be taken from the latest correspondence about your bankruptcy). The court may check with the Official Receiver that you are entitled to an automatic discharge. You should receive a certificate confirming your discharge within about four weeks.
Legal Definition of Statement of Intention : a written statement filed by a debtor prior to the meeting of creditors in a chapter 7 bankruptcy case that indicates what property the debtor intends to surrender and retain.
If you're struggling financially, bankruptcy gives you the opportunity to pay down a portion of your debts over time or have some of them eliminated entirely. Either way, declaring bankruptcy grants what's called an automatic stay, which is essentially a block on your debt to keep creditors from trying to collect.
A 341 notice is the notice sent by the bankruptcy clerk to the debtor, the creditors, and all other interested parties, notifying them of the date, time, and place in which the 341 meeting (creditors meeting) will be held.
The statement of financial affairs is a required form when filing for bankruptcy. This form dives into all of your personal matters so that the court can fully grasp the financial situation that is causing you to file. You'll fill out the SOFA if you file for a Chapter 7, Chapter 11 or Chapter 13 bankruptcy.
File a lawsuit for bankrupt status: Ask your lawyer to file a petition under the Provincial Insolvency Act and fight the case in court. Once you win the case, you will be deemed bankrupt and will be relieved from continuous hounding of creditors.
