Debt and Bankruptcy

As per Reserve Bank Of India Transaction Authorisation Code in respect of a Demand Draft is 16.

This 2 digit number located right bottom (last 2 digits)

Yes, as long as the sale is complete and the mortgage (including unpaid interest and penalties) is paid off before the date of the Trustees Sale.

A lakh is 100,000, and a billion is 1000,000,000. So a billion is 10,000 lakhs.

Reaffirmation is an agreement between the creditor and the debtor that the debtor will keep an asset after BK, but the debtor must still pay as required.

Example: You file a Chapter 7 and have a mortgage on your house. It is the only thing that is current and up to date in payments. The rest of your debt is unsecured credit cards. You may "reaffirm" your mortgage. This means you would keep the home, and you would still be responsible for paying the loan as per the original agreement and the unsecured debts are discharged.

Note: A judge can decline a reaffirmation request if your income does not look as if you can maintain the payment.

Yes

If your home is foreclosed you won't be able to qualify for Fannie Mae and Freddie Mac for a least 5 to 7 years. Just so you know that this two company are the reason why majority of the home went in foreclosures. Save up enough cash and paid for the rest. Thanks to them!

how do you file head of house hold for garnishments

Yes, you can file bankruptcy against a TERI loan. You must file an Adversary Proceeding in order to discharge a Student Loan. It is normally difficult to discharge student loans. TERI has essentially removed themselves from the student loan guarantee business, leaving the loans unguaranteed by a non-profit. This does not mean your loan will automatically be discharged. Upon default, your loan will become owned by the bank whom issued the loan or a trust if it was securitized by First Marblehead. Also, you must past the hurdle of proving your loan is not a "qualified education loan". You need to read up the definition of "qualified education loan" at the IRS or Department of Ed. Essentially, if your school was not a Title IV or expenses were not part of the schools "Cost of Attendance" or you simply were not an "eligible student", then you don't have a "qualified education loan". Your lawyer probably will not help you at all with these details. READ up yourself.

Bankruptcy never stops a garnishment, it just delays it. In the duration of filing bankruptcy you no need to worry about garnishment.

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Leverage

Yes, but it would be very unlikely you would be able to keep your home as it is the collateral the loan was made against.

You mean your withholdings...you report them as assets, that's about it.

Run a search and you will find a number of commercial Cos that compile and sell the info.

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THIS QUESTION HAS BEEN ASKED AND ANSWERED MANY, MANY TIMES. IT IS PART OF THE DATABASE HERE. PROPERLY USING THE SYSTEM MEANS YOU WOULD HAVE GOTTEN THE ANSWER WITHOUT HAVING TO WAIT! (And consider that if you can't do that - you really should only consider having your own personal lawyer handle EVERYTHING to do with your financial matters and any BK issues which are all much much more complex and less forgiving of not adhereing to the system). Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.

The above notes discharge dates, and as everything concerning BK, is a FEDERAL law applicable everyplace.

It depends on the state that you live in. Google "your state wage garnishments" and this should list your state and it will go into detail what can happen. Thank God I live in TEXAS...where they prohibit wage garnishments!!

Delinquent federal debt is debt by the government which has not been paid on time. This is generally a result of a unbalanced budget.

The obvious reason is that it borrows more than it pays back. Congress controls government spending and taxation. More money is spent than is collected in taxes, so the difference has to be borrowed , putting the US in debt.

Unless you are willing to give the junior lienholder (the second mortgage lender) some sort of compensation (like a shortfall payoff), it can be difficult. Once a deed in lieu of foreclosure is done, only one bank gets the real estate. Typically, it's the first lienholder. The second mortgage would need to be released in order for that to happen. Banks may be more willing to consider "charging off" the second lien in recent months, since they know that if the loan does go into foreclosure their mortgage is going to be wiped out anyway, but it is often difficult to get them to voluntarily release their lien prior to foreclosure. Often, though, they will take a nominal amount - even $500 - since getting something is better than nothing.

never mind 2007, I will give it to you now. $10,610,241,676,939.04. in the time it took to type it, it went up.

No, they're still in business.