One example is, the bankruptcy court could approve a proposal to increase the terms of a business personal loan from five years to ten. The prepare must be accepted with the creditor in addition.
The court considers the proposal and approves or denies it. If the court docket approves it
Nevertheless, it will never take the lien from the house—the creditor can nonetheless Get well the collateral. By way of example, if you file for Chapter seven, you are able to wipe out a house mortgage loan. Though the lender's lien will continue to be on the house. In the event t
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