Discharging Debt With Hjr 192 Remedy (2024)

FAQs

What is the HJR 192 payment? ›

HJR 192 was implemented immediately. The day after President Roosevelt signed the resolution, the treasury offered the public new government securities, minus the traditional payable in gold clause. 192 states that one cannot demand a certain form of currency that they want to receive if it is dollar for dollar.

Courts can issue a discharge ruling when the debtor meets the discharge requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, or the ruling is based on a debt canceling. A canceling of debt happens when the lender agrees that the rest of the debt is forgiven.

Debt discharge is the cancellation of a debt due to bankruptcy. When a debt is discharged, the debtor is no longer liable for the debt and the lender is no longer allowed to make attempts to collect the debt.

Debts not discharged include debts for alimony and child support, certain taxes, debts for certain educational benefit overpayments or loans made or guaranteed by a governmental unit, debts for willful and malicious injury by the debtor to another entity or to the property of another entity, debts for death or personal ...

Section 192 deals with the TDS on salary. It mandates every employer to calculate income tax on salary in case the salary of the employee exceeds the basic exemption limit and deduct TDS on salary payments.

A joint resolution originating in the House of Representatives is designated “H.J. Res.” followed by its individual number. Joint resolutions become law in the same manner as bills.

The following categories of debts are not released on discharge: A debt incurred in respect of, or the payment of which was avoided by, any fraud or fraudulent breach of trust to which the bankrupt was a party (see paragraph 40.178).

Generally, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

You may be eligible for income-driven repayment (IDR) loan forgiveness if you've have been in repayment for 20 or 25 years. An IDR plan bases your monthly payment on your income and family size.

Can discharged debt be removed from credit report? ›

How Long Discharged Debts can Appear on Your Credit Report. If you see debts, even marked as empty or discharged, for longer than seven years, you'll need to take measures to have these debts removed or discover who illegally sold your debt to renew and lengthen the time limit.

Under chapters 11 and 13 bankruptcies, the court generally grants the discharge once the debtor completes all payments under the plan. With these types of bankruptcies, a payment plan can take anywhere from 3-5 years. Typically, a bankruptcy discharge is made about four years after the filing date.

Alimony and child support. Certain unpaid taxes, such as tax liens. However, some federal, state, and local taxes may be eligible for discharge if they date back several years. Debts for willful and malicious injury to another person or property.

An individual cannot file under chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy ...

The most obvious answer is high interest revolving credit. This could be in the form of a payday loan, credit card, personal loan, etc. In these situations, you spend most of your time, money, and effort paying off the interest and little or no money is going to the principle of the loan.

192-To prohibit individuals who are not citizens of the United States from voting in elections in the District of Columbia.

Public Law 73-10 HJR 192, also known as the Gold Clause Repeal Act, was passed in 1933. This law prohibited the payment of debts in gold or any other commodity. Some people believe that this law can be used to discharge debts, such as car loans. However, there is no legal precedent to support this claim.

In other words, HJR-192 was repealed in 1982; not just a portion of it, all of it was repealed! And, concurrent with the repeal of HJR-192 the legal tender status of all of those capital 'R' Federal Reserve notes was also repealed. Remember now, this was over twenty years ago!, and it seems no one noticed!

You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebt- edness.