article thumbnail

Bankruptcy vs. Foreclosure

Sawin & Shea

When you are struggling to pay your bills, there may come a point where you are faced with deciding between bankruptcy vs foreclosure. If you choose bankruptcy, there are also different options depending on whether you choose a Chapter 13 bankruptcy or a Chapter 7 bankruptcy.

article thumbnail

Consumer Debt vs. Non Consumer Debt

Sawin & Shea

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Can You Get Rid of a Timeshare if You File for Bankruptcy?

Sawin & Shea

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.

article thumbnail

Can I Protect My Home and Personal Property in Bankruptcy?

Sawin & Shea

Many people keep control over their assets through the use of bankruptcy exemptions, which are special rules that allow people who are filing for a Chapter 7 bankruptcy to keep certain property if its value is less than the amount of the exemption. How Do I Protect My Home During Bankruptcy? This is rarely true.

article thumbnail

Everything You Should Know About a Judgment Lien in Indiana

Sawin & Shea

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. Do You Have a Judgment Lien Against You?

article thumbnail

Short Sales and Bankruptcy

Sawin & Shea

For the lender, it’s all about the bottom line, and if they think they can get more money from a foreclosure, they won’t agree to a short sale. What if you file for Chapter 7 bankruptcy? On the other hand, you will still be liable for homeowner’s association fees until the bank/lender manages to foreclose on your house.

article thumbnail

Dealing With Debt From COVID-19

Debt Free Colorado

You can work directly with the mortgage lender on a loan modification, or reach out to the Colorado Foreclosure Hotline for free assistance. 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.