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Is It Better To Declare Bankruptcy or Debt Consolidation?

Sawin & Shea

When you are overwhelmed by debt, you may start to wonder if declaring bankruptcy or pursuing debt consolidation is the better option. Understanding the key aspects of each can help you determine what is better, bankruptcy or debt consolidation, for your situation. Your credit rating is impacted less severely than bankruptcy.

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The Automatic Stay and Bankruptcy

Sawin & Shea

However, though bankruptcy can seem scary, it is an option and one that can genuinely help you get back on your feet. There are benefits when you file for bankruptcy that protect you. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

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The Automatic Stay and Bankruptcy

Sawin & Shea

However, though bankruptcy can seem scary, it is an option and one that can genuinely help you get back on your feet. There are benefits when you file for bankruptcy that protect you. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Are you considering bankruptcy? Bankruptcy is a challenging, life-altering experience. . If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Advantages of Chapter 7 Bankruptcy.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

If you’re struggling with financial hardship, filing for bankruptcy can be an effective way to get back on your feet. But filing for bankruptcy in Indiana doesn’t mean every outstanding debt you’ve ever incurred gets wiped away. Declaring bankruptcy will discharge most types of debt but not others. What do we mean by this?

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Chapter 13 Bankruptcy Dismissed. Can I Refile?

Sawin & Shea

Filing for Chapter 13 bankruptcy can help you improve your financial situation. If the bankruptcy court has your Chapter 13 bankruptcy dismissed, you’ll need to refile or find another method for overcoming your debts, such as Chapter 7 bankruptcy. Bankruptcy dismissals have nothing to do with unloading debts.

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Automatic Stay Timeline

Sawin & Shea

When an individual or business files for bankruptcy, an automatic stay immediately goes into effect. For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. An automatic stay refers to the legal injunction put into place upon filing for bankruptcy.