article thumbnail

How are Medical Bills Treated in Chapter 13 Bankruptcy?

Sawin & Shea

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. Chapter 13 bankruptcy is discussed below.

article thumbnail

What Debts Will Remain After A Chapter 13 Discharge?

Sawin & Shea

Chapter 13 bankruptcy can wipe out most kinds of debts and leave you with a much brighter financial picture. But Chapter 13 can’t discharge all types of debt you’ve taken on. Some debts will remain after your bankruptcy, although you’ll be in a much better position to handle them.

Insiders

Sign Up for our Newsletter

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

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.

article thumbnail

Filing for bankruptcy after graduation

Roths Child Law

Student loans are one of the primary ways graduates build up debt. College students are often also targets of credit card companies, which can lead to all kinds of debts. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food.

article thumbnail

5 questions to ask before filing for bankruptcy

Roths Child Law

For example, a Chapter 7 to another Chapter 7 bankruptcy typically has an 8-year wait time. Or, a Chapter 7 to a Chapter 13 bankruptcy may require people to wait 4 years. What is liquidation bankruptcy? Liquidation bankruptcy is another name for Chapter 7 bankruptcy.

article thumbnail

How Much Debt is Needed to File for Bankruptcy?

Sawin & Shea

Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts. Will Bankruptcy Eliminate All of My Debts?

article thumbnail

What Is a Personal Guarantee in Bankruptcy?

Sawin & Shea

People also frequently make personal guarantees on behalf of another person’s debts, and these written agreements are common when a borrower has a bad credit score. A friend or family member may step in to assist the borrower in obtaining a loan for a car, home, or student loan.