REAFFIRMING A DEBT Reaffirming a debt means that the debtor agrees to be responsible for a debt that would otherwise be discharged. This procedure most frequently arises when a chapter 7 debtor has a secured vehicle loan. The loan agreement provides that if the debtor files for bankruptcy, that filing is a default and the…
THE EFFECT OF DISCHARGE-WAIVER-DEBTS NOT DISCHARGED The Bankruptcy Code prohibits collection against a debtor once a debt has been discharged in a bankruptcy. This applies to debts that arose prior to the date the bankruptcy was filed. If the creditor has a lien against an asset of the debtor and the lien attached prior to…
The unified tax on transfers has three parts: gift tax(for transfers made during life), estate tax(for transfers made at death) and generation-skipping tax(for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or her estate for transfers at death based upon the…
It is a type of like kind transfer that is available to small investors yet qualifies under the Internal Revenue Code rules for like kind transfers so that the exchange is not subject to the capital gain at the time the transfer is made. The investor transfers the property in return for a security which…
Effect of plan confirmation Plan confirmation acts as a contract binding all parties in interest to the terms of the plan and constitutes a final United States District Court judgment as to all issues that could have been raised concerning the plan and its provisions, including alleged inconsistencies with the Bankruptcy Code. Plan provisions may…
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