Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Sawin & Shea

FEBRUARY 16, 2022

Those filing an emergency bankruptcy receive an automatic stay even before completing certain documents. An automatic stay is an injunction prohibiting creditors from collecting debts. If you’re in an emergency situation such as wage garnishment, eviction, or pending repossession filing an emergency bankruptcy may be right for you.

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Debt Free Colorado

MARCH 3, 2023

Do Bankruptcies Come in Different Types? There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed.

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Credit Corp

JUNE 14, 2023

Since the debt is old and less likely to be paid, the creditor may be willing to accept less than what you owe to consider the matter closed. Foreclosures and Short Sales: Seven Years A foreclosure can remain on your credit reports for seven years from the date the foreclosure was filed.

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Collection Industry News

SEPTEMBER 23, 2020

. • Debt collection cases have claimed an increasing share of the civil docket, making up about 30% of the civil court caseload in the one state where comprehensive data was available. • The dollar value of claims filed annually by debt buyers increased from $6 billion in 1993 to $98 billion in 2013. Filing bankruptcy.

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Sawin & Shea

NOVEMBER 15, 2023

However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home).

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