A discharge of an individual's debt is a release of an individual's liability from certain specified types of debt. The discharge is a permanent order to the individual's creditors that they refrain from taking legal, collection, written or verbal communication with a debtor regarding the collection of unpaid dollars. This...
Use this Assignment of Lien form to assign to another party the assignee a previously registered lien against a debtor's property, and to grant the assignee full power to collect the debt.
Prepare a Notice and Tender by Debtor with this easy-to-use template. With this notice, a debtor notifies a secured party that it intends to redeem certain collateral tendered as security under a loan agreement or other debt instrument and is tendering payment, in accordance with the Uniform Commercial Code.
If a customer / borrower debtor owes you money and you are willing to accept payment of a lesser sum in order to settle the debt, you can sign this Agreement to Compromise Debt with the debtor.
Prepare a notice of private sale of collateral with this easy-to-use template. This template of notice is given to a debtor by a secured party, advising the debtor that certain collateral pledged as security by the debtor will be privately sold by the secured party to cover all or part...
Prepare a notice of auction of collateral with this easy-to-use template. This template of notice is given to a debtor by a secured party, advising the debtor that certain collateral pledged as security by the debtor will be sold at public auction by the secured party to cover all or...
This is a template for settlement offer on disputed amount. The purpose of this for is to resolve an account in dispute between a creditor and a debtor. Debtor agrees to pay to creditor and creditor agrees to accept from debtor a certain sum of money as a complete and...
This template can be used to prepare Notice of Purchase Money Security Interest. This form of notice is given by a lender secured party to a debtor regarding the lender's security interest in inventory that the debtor has used as security for the loan.
This is a template for agreement to compromise debt. If a customer / borrower debtor owes you money and you are willing to accept payment of a lesser sum in order to settle the debt, you can sign this Agreement to Compromise Debt with the debtor. Under the Agreement, the...
This is a template for notice to debtor of assignment of debt. This form of notice would be given by a creditor to a debtor, stating that the debt has been assigned to a third party.
Bankruptcy is the legal procedure by which the assets of a debtor are distributed among its creditors. The debtor can be either an individual or a firm. In corporations, bankruptcy happens when either the firm or the creditors delegate a third party - be it a judge or other public...
The word, Bankruptcy, means 'Broken bench', literally. In the past, during the early days of banking and trading, when a debtor could not pay off his debts, his workbench was broken into two as a punishment and also as a warning for other debtors. But in recent times, the term...
Bankruptcy is allowed through the United States Constitution1 where it gives Congress the power to create uniform laws defining and regulating bankruptcy. The main purpose for allowing bankruptcy is to create a fresh start for debtors that are honest but face serious financial problems and balance that with fairness for...
The voluntary submission by a foreign debtor to the jurisdiction of a U.S. Bankruptcy Court in a plenary bankruptcy case under §3012 or an ancillary proceeding under §3043 is not uncommon. Recently, however, creditors have sought to haul foreign corporate debtors into U.S. bankruptcy proceedings by filing involuntary petitions pursuant...
Bankruptcy law evolved as a reaction to the abuses surrounding debtor's prison. Before the nineteenth century a prison system existed for those who didn't pay their bills. If a merchant filed a claim, the debtor was incarcerated until his debts were paid. The lender was legally responsible for the expenses...
This paper contains broad policies and accounting standards for managing and collecting administrative accounts receivable. The Debt Collection Improvement Act of 1996 and the Federal Claims Collection Standards authorize USAID to collect debts owed to the Agency by means of administrative offset; to assess interest, penalties, and administrative costs on...
Credit insurance is designed to protect businesses against non-payment by a debtor. The policies help out when a customer pays late or goes insolvent. Insurance normally covers 90 to 95 per cent of the insured debts, and businesses can choose to insure invoices, specific customers or their whole book of...
From the executive summary: ‘Purchasing assets from a debtor in bankruptcy can be an effective method of acquiring products or businesses at a discount. Also, such sales are not limited to businesses that are liquidating or going out of business. Debtors will frequently offer to sell underutilized assets in order...
Debt adjusting means the making of a contract, express or implied, with a debtor whereby the debtor agrees to pay a certain amount of money or other thing of value periodically to the person engaged in the debt adjusting business who distributes the same among certain specified creditors in accordance...
A preference or preferential transfer under Section 547b of the federal bankruptcy code is: A payment or transfer of an interest in property received by a creditor within a defined period prior to the payor debtor filing bankruptcy. The purpose of the law is to discourage disparate treatment of creditors...
