1 / 1

Duties of a Debtor

A debtor is the one who owes money to someone. This infographic gives you brief information on what should be the duties of a debtor if you are.

naderlawfirm
Download Presentation

Duties of a Debtor

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. WHOIS A DEBTOR WHATARETHEIRDUTIES? 1 WHOIS A DEBTOR Adebtorissomeonewhoowesmoneyto anotherindividualorentity. Themoneythat thedebtorowesiscalledthedebtor obligation; sosometimeshemayalsobe referredtoasobligor. 2 HOWSOMEONEBECOMES A DEBTOR? Adebtusuallyarisesfromcircumstances suchasloans, creditextension, taxes, leases, medicalbills, andtortclaimsfordamages. Debtsareoftensecuredbycollateral, likea houseorcar, unlesstheyareunsecuredlike creditcarddebts, advances, taxes, etc. 3 WHAT ARETHEDUTIES? Thedutiesofadebtorvarysubjecttothe statelawsandimplications. Itisprudentto speaktoanexpertbankruptcyattorney nearyoutogetabetterunderstandingof debtsettlementasitisalwaysindividually assessed. Inanykindofbankruptcy- personalorcorporate, thedebtororthe representativeshaslegalobligationstothe creditorsand/ortotheBankruptcyCourt. A debtormustcomplywithallstatutory requirementsasapplicableasfollows: Revealalltheassetsincludinganyproperty youownorhavepreviouslyowned. GivewrittennoticetotheTrusteeofany inheritanceofapropertyormoneyyoureceive beforeorwithinsixmonthsofthefilingdate; beitasagift, asdivorcealimony, oraslife insuranceplanbenefit. ProvidewrittennoticetotheTrusteeofallthe debtsrepaidwithintheyearpriortothefiling date, unlesstheamountwaslessthan $1,000. ProvidewrittennoticetotheTrusteeofany kindoftaxrefundofover $2,500 Thesearesomegeneraldutiesofadebtor, however, ifyouwantmoredetailsunder differentrulesandsections, visit: THEDUTIESBLOGBYNADER & BERNEMAN

More Related