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When filing Chapter 7 or Chapter13bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter13bankruptcy, consider enlisting the help of skilled bankruptcy attorneys. What is Consumer Debt?
A variety of factors determine whether or not you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter13bankruptcy. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets.
Those filing an emergency bankruptcy receive an automatic stay even before completing certain documents. If you’re in an emergency situation such as wage garnishment, eviction, or pending repossession filing an emergency bankruptcy may be right for you. Unsure of Whether to File for an Emergency Bankruptcy?
Chapter13bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter13bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter13Bankruptcy Filing?
They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. To speak with a Colorado attorney experienced in debt relief and bankruptcy, call The Law Office of Clark Daniel Dray at (303) 900-8598 or use the tool below to scheduled a free consultation.
A variety of factors determine if you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter13bankruptcy. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets.
Chapter13Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. It works through reorganization, as opposed to liquidation, and you do not have to pass the Chapter 7 means test. Under Chapter13Bankruptcy, you have time and a plan in which to repay your debts.
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 Chapter13bankruptcy options.
If you choose bankruptcy, there are also different options depending on whether you choose a Chapter13bankruptcy 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.
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. watercraft, aircraft, personal property (including furniture, electronics, clothing, etc.),
Bankruptcy Filing and Preference Payments When a debtor decides that the best way forward is filing bankruptcy, that’s not a decision that is undertaken lightly. To determine the best way to proceed, and whether Chapter 7 or Chapter13bankruptcy are right for you, you should meet with an experienced bankruptcy lawyer.
To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What collection remedies are allowed will vary by state.
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