Sawin & Shea

APRIL 17, 2024

The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.

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Credit Corp

OCTOBER 25, 2020

Whether they’re overdrawn before you move on to another account or become overdrawn because you’re not monitoring them regularly, they can leave you on the hook for debt. If you’re not careful, old bank accounts can even affect your credit and the amount your debt will cost you over a lifetime.

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Sawin & Shea

AUGUST 30, 2023

Chapter 13 Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle).

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. What types of debts can I lump together in a DMP? Medical bills, utilities, and cell phone bills can also be included.

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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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Titan Consulting

SEPTEMBER 22, 2020

State and Federal Regulations for Debt Settlement. Non-profit and for-profit credit counseling agencies assist with budgeting, set up a debt management plan (DMP), and work with creditors to lower the interest rate on enrolled accounts.

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Debt Guru

AUGUST 30, 2021

Some professionals will helpfully walk you through a debt management program or counsel you about the best way to handle your debt, but scammers will take advantage of you unless you know what to look for. So, when should you seriously consider debt relief?

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Titan Consulting

JULY 22, 2020

In light of the pandemic, Banks are raising lending requirements, and in some cases, pausing applications for HELOCS and other credit lines. Unfortunately, banks are taking steps to block your access to cash when you need it the most. Bank Lending Policies. How Are Refinances and Home Purchases Affected by the Pandemic?

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Credit Corp

MAY 3, 2021

The bank repossesses the car, but you still owe $20,000 on it. If the car is worth $15,000, the bank can sell it and recover that much of the loan—leaving $5,000 of debt to be canceled. You file for bankruptcy with $60,000 in unsecured debts, which are all discharged. That debt is also considered canceled.

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Credit Corp

AUGUST 24, 2021

However, the best candidates for this option tend to be people with a lot of revolving or unsecured debt who do have the income to be able to cover their debts. You may be able to transfer high-interest credit card debt to a card with lower interest or even a 0% balance transfer This could help you pay your debt off faster.

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Debt RR

JANUARY 24, 2020

Though more uncommon than equipment leases and unsecured debt, some businesses are able to acquire secured credit options. As with equipment leases, secured debt may be reduced by surrendering the security deposit or collateral. This can include things like inventory financing debt, as well.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. Retirement accounts are generally exempt. Does Indiana Have a Motor Vehicle Exemption?

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Debt RR

DECEMBER 13, 2019

Corporations have been increasingly defaulting on debt, with many businesses are struggling to maintain revenues and liquidity. Sometimes businesses aren’t prepared for market changes or a slump stretches longer than it should have, causing them to fall further into debt as bills pile up.

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Jimerson Firm

JANUARY 27, 2021

5) The borrower’s proposed treatment of the SBA loan must be fair and equitable in comparison to the treatment to be received by the borrower’s other creditors.

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Jimerson Firm

AUGUST 7, 2020

Once appointed by a court, receivers may, without a further court order: Collect, control, manage, conserve, and protect receivership property; Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the property in the ordinary course of business; In the ordinary (..)

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Credit Corp

JUNE 1, 2021

Debit cards can help avoid overspending, as you cannot spend more than you have in your bank account. Pay down debt. For most people, the way to do this is to get rid of unsecured debt that they carry month to month. The credit bureaus need payment history to evaluate how borrowers will do in the future.

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Debt Guru

JULY 19, 2020

Every month, you face a mound of credit card and bank statements (or your inbox fills up with them, and you have to write a separate check (or perform an individual internet transfer) for each of them. All the while, you feel like you’re no closer to zeroing out your balance on any of those debts. Don’t jeopardize your home.

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Better Credit Blog

JANUARY 20, 2022

TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. This is where a debt relief program can help, typically with unsecured debt, meaning debt not associated with a tangible asset like a house or car. Who Is Freedom Debt Relief Best For?

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Better Credit Blog

FEBRUARY 11, 2022

One of the most reputable is National Debt Relief, which has helped 100,000 families and individuals pay off their arrears in full. It’s resolved more than $1 billion in unsecured debt since it first launched in 2009. Decide whether the company’s services are right for you with this review of National Debt Relief.

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Credit Corp

MARCH 16, 2021

Next, you have to check your bank and financial statements to get an idea of your net worth. Look at your credit card statements and bank statements to know how much you have spent money and where. If it looks like your list is never-ending, you are probably in a debt spiral and need to get out of it. All the answers are there.

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Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” On April 26, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued guidance to banks to address the risks associated with overdraft protection programs. On April 27, the U.S.

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