Sawin & Shea

AUGUST 17, 2022

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. Penalties for Hiding Assets in Bankruptcy.

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Sawin & Shea

MARCH 14, 2023

In this blog, we’ll share the details regarding this exemption increase, the different exemption categories, and how these exemptions impact Chapter 7 and Chapter 13 bankruptcy. What Are Bankruptcy Exemptions?

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Sawin & Shea

APRIL 17, 2024

Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter 13 Bankruptcy Filing?

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Sawin & Shea

OCTOBER 25, 2023

However, you may still have to pay the monthly or annual fees until the bank forecloses and transfers the title from your name. Chapter 7 Timeshare Bankruptcies If you file for Chapter 7 bankruptcy , you might be able to keep your timeshare. In this case, the property will go back to the lender.

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Debt Free Colorado

NOVEMBER 28, 2024

The two most common types are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy The liquidation process is managed by a trustee who sells non-exempt assets to pay creditors. A key benefit of Chapter 7 bankruptcy is the quick discharge of debts. Cost vs.

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Sawin & Shea

AUGUST 30, 2023

Although businesses can also declare bankruptcy, we will focus on personal bankruptcy in this article. In Chapter 7 Bankruptcy , (sometimes misleadingly described as liquidation bankruptcy), certain debts are discharged within 3-4 months. The bankruptcy will remain on your record for 7-10 years.

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Sawin & Shea

APRIL 26, 2023

If the creditor has your date of birth and social security number, they may be able to garnish your bank account and apply that money toward your debt balance. If that’s not possible for you, another option is to avoid it through Chapter 7 or Chapter 13 bankruptcy court.

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Sawin & Shea

FEBRUARY 16, 2022

There is no exact definition that we can point to, but you need an adequate reason for why you’re filing for emergency bankruptcy. It’s not always clear when it’s the right time to file for emergency bankruptcy. Unsure of Whether to File for an Emergency Bankruptcy? Contact a Bankruptcy Lawyer.

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Debt Free Colorado

JANUARY 27, 2022

They will sell them and use the revenues to pay for the bankruptcy’s fees , charges, and expenditures before paying creditors. The Trustee confiscates your bank and savings accounts when the bankruptcy order is issued. If the account is in credit, the amount is a bankruptcy asset. Items found in your home.

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Debt Free Colorado

DECEMBER 23, 2024

However, because assets do not secure these debts, bankruptcy may help eliminate them. To qualify for Chapter 7 bankruptcy, debtors must pass a means test that compares their income to their state’s median income. When you file for bankruptcy, you enter a legal process. This means you no longer owe the money.

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Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter 13 bankruptcy options.

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Debt Free Colorado

APRIL 9, 2020

If neglected long enough they will sue you and attempt to garnish your wages and take money from your bank account, but if you’re not working and don’t have any money in the bank account these are empty threats.

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Sawin & Shea

SEPTEMBER 13, 2023

If you choose bankruptcy, there are also different options depending on whether you choose a Chapter 13 bankruptcy or a Chapter 7 bankruptcy. If you are facing foreclosure or bankruptcy, the best way to determine which choice is right for you is to speak with an experienced bankruptcy attorney.

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Debt Free Colorado

NOVEMBER 2, 2016

If that’s the case, the bankruptcy will help you turn things around per a recent piece in the Los Angeles Times : Filing for bankruptcy may have actually helped your scores. The average credit score before someone filed Chapter 7 was 538.2 How Long Does Bankruptcy Stay on my Credit Report? Absolutely.

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Sawin & Shea

APRIL 19, 2023

To get a payday loan, you need to be at least 18 years old and have a bank account and the ability to verify your identity. There are two kinds of bankruptcy, both of which can be helpful if your payday loan debt has spiraled out of control. In Chapter 7 a court-appointed trustee can sell some or all your nonexempt property.

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Sawin & Shea

FEBRUARY 8, 2023

Here are some expert tips for rebuilding your credit and finding the best credit cards after bankruptcy. Rebuilding Your Credit After Bankruptcy Your bankruptcy will remain on your credit score for up to a decade. Bankruptcies can impact your credit, but you can take steps today to rebuild your creditworthiness.

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Credit Corp

MAY 1, 2024

If possible, mail a money order so the creditor can’t access your bank account information. File for Bankruptcy Bankruptcy is a legal process that allows you to eliminate some or all of your debts. You pass a means test designed to determine if an individual is abusing the bankruptcy system. Pay the agreed-upon amount.

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Debt Guru

AUGUST 30, 2021

You’ve probably heard of people filing for bankruptcy but may not understand how it works for individuals who are in debt over their heads. There are two forms of bankruptcy: Chapter 7 bankruptcy is when you go to court and ask that all of your outstanding debt is discharged.

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Sawin & Shea

JUNE 28, 2023

Do Not: Try to Transfer or Hide Assets If you’ve transferred any assets to another party before declaring bankruptcy, you’re not gaining any protection. If assets are transferred in anticipation of filing for bankruptcy, a trustee can recover those assets in a Chapter 7 bankruptcy since the transfer would rightfully be seen as fraudulent.

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Sawin & Shea

NOVEMBER 2, 2022

First, you should know that choosing bankruptcy is a smart, proactive way of lifting the burden of overwhelming debt. Here in the Hoosier state, more than 15,000 people file for bankruptcy in an average year, with about 58% choosing Chapter 7 and 41% choosing Chapter 13 bankruptcy.

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Sawin & Shea

SEPTEMBER 15, 2021

If you are not still receiving payments, you can send a check, or use a debit card, credit card, or your bank account. Like all debts in bankruptcy, an automatic stay is put into place upon filing (the creditors have to leave you alone) for at least a period of time. What’s the catch? Well, you can’t have committed fraud.

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Sawin & Shea

SEPTEMBER 15, 2021

If you are not still receiving payments, you can send a check, or use a debit card, credit card, or your bank account. Like all debts in bankruptcy, an automatic stay is put into place upon filing (the creditors have to leave you alone) for at least a period of time. What’s the catch? Well, you can’t have committed fraud.

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Debt Free Colorado

OCTOBER 12, 2023

financial assets (including bank accounts and investments), debts owed to you (including tax refunds, loans, and other obligations), assets related to your business, and any other assets you may own. In Colorado, they choose which assets you are permitted to keep in your bankruptcy case. You can start over because of that.

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Collection Industry News

SEPTEMBER 23, 2020

It can garnish wages and bank accounts, • It can force the sheriff to seize your home, real estate, and personal property. You can begin gathering information right now by scheduling a free consultation with one of the experienced bankruptcy attorneys at Bond & Botes.

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Sawin & Shea

JANUARY 25, 2022

These remedies can include garnishing your wages and bank accounts and seizing and selling your non-exempt personal property. Once the lender has obtained a court judgment against you, they can then proceed to use aggressive collection remedies to pay back what you owe. What collection remedies are allowed will vary by state.

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Better Credit Blog

JANUARY 11, 2022

There are several different types of bankruptcies, but the majority of individuals can only file for Chapter 7, which is also known as liquidation bankruptcy, and Chapter 13 bankruptcy, which is also known as the wage earner’s plan. Pay stubs for the past six months before the bankruptcy.

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