Can My Student Loan Lender File A Proof Of Claim In My Bankruptcy After The Deadline?
When consumers have more debt than they can repay, bankruptcy is a good way to eliminate that debt and get back on track. There are two types of bankruptcy available to a consumer, a Chapter 7 or a Chapter 13. A Chapter 7 is a liquidation of debt, where all of the unsecured debts are wiped out, giving the debtor the chance to pay for the secured debts they choose to repay (like house and car...
What Is A Proof Of Claim?
When you file for bankruptcy, you have to list out all the debts you have, and give all of your lenders notice that you have filed a case. Once your lenders are made aware of the filing, they are entitled to ask what you intend to do regarding their particular debt. If you have filed a Chapter 7 this might mean that you will be asked if you are going to reaffirm the debt, and in a Chapter 13...
What Is A Proof Of Claim?
Most legal proceedings are filled with technical jargon and legal definitions that are unknown to people without a law degree or people without a background in the law. If you don’t know what the terms being used mean, it can be hard to get a firm handle on what certain things mean in your case. With bankruptcy, the problem can be escalated because emotions are running high given the main...
How To Challenge A Creditor’s Claim In Bankruptcy: Objecting To A POC
When you file bankruptcy your creditors are allowed to file claims, indicating the amount of debt you owe. This typically happens in a Chapter 13 case, where the Trustee is preparing to pay at least a portion of your unsecured debt and all of the secured debt you have that is provided for in your Chapter 13 Plan. Thus, it is common for creditors to file a proof of claim, which is a document...