In most cases, you can get rid of credit card debt in Chapter 7 bankruptcy. Learn what happens to your credit card debt in Chapter 13 bankruptcy. If you take out a cash advance prior to bankruptcy, you might not be able to discharge the debt. Learn more.
A novation is a trilateral agreement by which an existing contract is extinguished and a new contract brought into being in its place. Indeed, for an agreement to effect a valid novation the appropriate consideration is the discharge of the original debt in return for a promise to perform some obligation.
California. After reading many posts on here, I think I understand that when a lender agrees to a Novation, they agree to continue the exact same loan with all of the exact same terms and conditions, but with different names on the loan. Is this correct? We want to get rid of the house that my husband owned with his ex-wife.