article thumbnail

How to Survive the Holidays During Bankruptcy

Sawin & Shea

If you’re struggling with crippling debt this holiday season, filing for bankruptcy may be your best option for getting your finances back on track. Here’s what you need to know about getting through the holidays during bankruptcy. Bankruptcy Automatic Stay.

article thumbnail

Does Bankruptcy Clear Lawsuit Debt?

Sawin & Shea

Both being sued by a creditor and bankruptcy can feel like scary situations, but rest assured, filing for bankruptcy can help. Once bankruptcy is filed, whether it’s under Chapter 7 or Chapter 13 , an automatic stay prevents debt collectors from taking further legal action.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Will a Bankruptcy Trustee Contact My Employer?

Sawin & Shea

Bankruptcy is sometimes the best solution for those struggling with overwhelming debt. They fear that other people will find out about their bankruptcy and view them as financially irresponsible. In most cases, there’s no reason why your employer will be made aware of your bankruptcy.

article thumbnail

What Is a Personal Guarantee in Bankruptcy?

Sawin & Shea

A common question we receive from those considering bankruptcy is how it impacts personal guarantees. If you’re considering filing for bankruptcy, you need to consult with a bankruptcy attorney before signing a personal guarantee. Does a Personal Guarantee Survive Bankruptcy?

article thumbnail

The Dangers of Hiding Assets in a No Asset Bankruptcy

Sawin & Shea

There are two primary types of bankruptcies that a person might file when struggling to pay their debts: Chapter 7 and Chapter 13. In a Chapter 13 bankruptcy , the debtor agrees to a payment plan instead of having their property taken to pay creditors.

article thumbnail

What Is a Reaffirmation Agreement in Bankruptcy?

Sawin & Shea

Bankruptcy can be an overwhelming and challenging process. Understandably, this can make dealing with a bankruptcy seem impossible. However, as overwhelming as it all may seem, bankruptcy is often the best choice for many people, especially those who are struggling with crushing debt.

article thumbnail

Will I Lose Everything If I File for Bankruptcy?

Sawin & Shea

Many people hold misconceptions about filing for bankruptcy. Perhaps the most common misconception is the notion that filing for bankruptcy means that you lose all of your wealth and possessions. What Will I Lose When Filing for Bankruptcy? Other Indiana Bankruptcy Exemptions.

article thumbnail

Judge Denies Defendant’s Motion in FDCPA Bankruptcy Case

Account Recovery

A copy of the … The post Judge Denies Defendant’s Motion in FDCPA Bankruptcy Case appeared first on AccountsRecovery.net. Compliance FDCPA Bankruptcy District Court for the Middle District of Florida Judge Sheri Polster Chappell Storey v.

article thumbnail

Building Credit During Chapter 13 Bankruptcy

Sawin & Shea

Filing for chapter 13 bankruptcy can seem like a daunting task, but it’s often the right move for those who are facing foreclosure, repossession, or have exorbitant debts. Your Credit During Chapter 13 Bankruptcy. How Long Does Chapter 13 Bankruptcy Stay on My Credit Report?

article thumbnail

Why People Resist Bankruptcy

Sawin & Shea

Bankruptcy is a smart, legal, and effective way to wipe out a mountain of old debts. There are many reasons why people resist bankruptcy, but some are based on fiction rather than facts. If you think bankruptcy is rare, think again. Feeling Resistant to Bankruptcy?

article thumbnail

COVID-19 Bankruptcies

Debt

American consumers will be filing personal bankruptcies in record numbers by the end of 2020. That is the projection from bankruptcy attorneys, bankers and other experts who project that the COVID-19 era will lead to a historic financial tsunami. Bankruptcy COVID-19

article thumbnail

Warren Demands DoJ Release Student Loan Bankruptcy Guidance

Account Recovery

Backstory: Student … The post Warren Demands DoJ Release Student Loan Bankruptcy Guidance appeared first on AccountsRecovery.net. Elizabeth Warren [D-Mass.]

article thumbnail

What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. Discharging Personal Loans Through Chapter 7 Bankruptcy. Discharging Personal Loans Through Chapter 13 Bankruptcy.

article thumbnail

Types of Property Subject to Seizure in Chapter 7 Bankruptcy

Sawin & Shea

Filing Chapter 7 bankruptcy provides numerous Indiana residents with debt relief. If you’re considering filing for Chapter 7 bankruptcy, you need to know what types of property may be vulnerable, and how you may be able to keep all of your possessions.

article thumbnail

Bankruptcy and Tax Refund Strategies

Sawin & Shea

For someone who’s pursuing Chapter 7 bankruptcy , this is especially important. Chapter 7 bankruptcies are liquidation bankruptcies, meaning non-exempt assets can be liquidated to pay your creditors back something. The Timing Matters for Your Bankruptcy Tax Strategy.

article thumbnail

What is an Emergency Bankruptcy Filing?

Sawin & Shea

An emergency bankruptcy is a bankruptcy filing method that expedites the filing process to stop creditors and bill collectors from seeking debts from borrowers. Individuals can file an emergency bankruptcy, also known as a skeleton bankruptcy, under Chapter 7 and Chapter 13.

article thumbnail

How Does Bankruptcy Affect Your Job and Future Credit? 

Sawin & Shea

The stress leading up to a declaration of bankruptcy can be intense. You may also worry that your bankruptcy will become public knowledge and affect other aspects of your life. Let’s begin by discussing the ramifications of bankruptcy on your current employment. Bankruptcy Code.

article thumbnail

How Much Debt is Needed to File for Bankruptcy?

Sawin & Shea

When facing bankruptcy, many wonder how much debt is needed to file bankruptcy. There is no minimum amount of debt you need in order to file for bankruptcy, but there are other critical factors you need to take into consideration before filing under Chapter 7 or Chapter 13.

article thumbnail

iQor Files for Bankruptcy Protection

Account Recovery

Collection operation and contact center business-process outsourcing provider iQor filed for Chapter 11 bankruptcy protection yesterday, seeking approval of a pre-packaged plan that would provide the company with $130 million of funding to reorganize itself and continue operating.

article thumbnail

What Happens to Investment Real Estate in Bankruptcy?

Sawin & Shea

Filing for bankruptcy is an important step for many individuals looking to overcome debts. Your investment real estate’s outcome depends entirely on whether you file for Chapter 7 or Chapter 13 bankruptcy. Investment Real Estate in Chapter 7 Bankruptcy.

article thumbnail

What You Need to Know if You Are Retired and Filing for Bankruptcy

Sawin & Shea

Since 1991, the number of retirees filing for bankruptcy has tripled , with 12.2% of all bankruptcies being filed by people 65 and older. However, though bankruptcy can be a good option, it is not always the best option, especially if you are retired.

article thumbnail

What Property Can I Keep After Filing for Bankruptcy?

Sawin & Shea

The bankruptcy process involves looking at your assets. In a Chapter 7, or liquidation bankruptcy, some of your property may not be protected, and you could lose it. Understanding Indiana Bankruptcy Exemptions. Every state handles bankruptcy exemptions differently.

article thumbnail

Utility Bills and Bankruptcy

Sawin & Shea

However, it’s important to keep in mind that paying one creditor and not another can be seen as preferential treatment should you decide to file for bankruptcy. This gives you time to get your bankruptcy case started to avoid this from happening.

article thumbnail

Utility Bills and Bankruptcy

Sawin & Shea

However, it’s important to keep in mind that paying one creditor and not another can be seen as preferential treatment should you decide to file for bankruptcy. This gives you time to get your bankruptcy case started to avoid this from happening.

article thumbnail

Common Bankruptcy Mistakes to Avoid

Luftman, Heck & Associates.

If you want to keep some of your debts, a repayment plan via a Chapter 13 bankruptcy may be the right move if you’re struggling. But no matter what type of bankruptcy you go with, there are several missteps a debtor can make along the way. Bankruptcy Chapter 13 Chapter 7

article thumbnail

Will Bankruptcy Affect My Spouse?

Sawin & Shea

If you’re concerned about the potential impact of bankruptcy on your spouse, you’re not alone. This is one of the top questions married people have about filing for bankruptcy in Indiana. about Indiana bankruptcy for married spouses. Can You File Bankruptcy Without Your Spouse?

article thumbnail

Can I Pay Off My Chapter 13 Bankruptcy Plan Early

Sawin & Shea

Most people enter into bankruptcy because they are experiencing financial hardship. Unfortunately, paying off your Chapter 13 bankruptcy early can have consequences and might not even be possible. Chapter 13 Bankruptcy and Disposable Income.

article thumbnail

Bankruptcy and Your Job

Sawin & Shea

One issue that you may worry about when filing for bankruptcy is whether or not it will affect your employment. Bankruptcy Code (11 U.S. Code § 525 – Protection against discriminatory treatment) it is illegal to fire someone simply because they have filed for bankruptcy.

article thumbnail

Bankruptcy and Unemployment

Sawin & Shea

In this situation, you may be wondering whether bankruptcy could be a good solution. Let’s look at how bankruptcy works when you’re unemployed and whether this could be a path to clearing away all that old debt. Income Requirements for Bankruptcy.

article thumbnail

Bankruptcy and Your 2021 Stimulus Check

Sawin & Shea

But for those contemplating bankruptcy, it brought a new worry. Will bankruptcy take away my stimulus check?”. This has become a common question for bankruptcy attorneys across the nation. So let’s clear up your concerns about bankruptcy and your stimulus money.

article thumbnail

Can I Discharge a Private Student Loan in Bankruptcy?

Sawin & Shea

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. As a result, the majority of debtors who file for Chapter 7 bankruptcy do not get their college loans dismissed.

article thumbnail

How Is Household Size Determined in Bankruptcy?

Sawin & Shea

Determining household size is an important measurement when facing bankruptcy. In fact, correctly determining household size can determine your eligibility for Chapter 7 bankruptcy. If your income is below the median, you are considered eligible for a Chapter 7 bankruptcy.

article thumbnail

Credit Reporting During and After Bankruptcy

Sawin & Shea

Have you wondered what will happen to your credit report during and after your bankruptcy? When you’re working with a bankruptcy attorney at Sawin & Shea, one of the services we offer is reviewing your credit report. Your Credit Report as Part of Your Bankruptcy.

article thumbnail

Getting Approved for a Loan After Bankruptcy

Sawin & Shea

Many people assume that because they have filed bankruptcy, their credit is ruined, and they will not be able to qualify for any loans. Chapter 7 bankruptcy: In this type of bankruptcy, your non-exempt assets (if any) have been liquidated to pay off a percentage of your debts.

article thumbnail

Chapter 13 Bankruptcy and Student Loans

Sawin & Shea

It’s no surprise then that thousands of individuals with student loan debt end up turning to bankruptcy for help. Though filing for bankruptcy may seem scary, there are many ways that it can help those drowning in debt get back on track. How Does Student Loans Bankruptcy Work?