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How Rising Interest Rates Can Affect Your Interest Rate After Bankruptcy

Sawin & Shea

Higher interest rates also mean that it’ll take longer to pay off a loan’s principal amount, and those needing a car loan, mortgage, or personal loan may find themselves paying an exorbitant amount of money in interest alone. Chapter 13 bankruptcy can even stop a home foreclosure up until the sheriff’s sale.

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Cosigner Responsibilities: When Is a Cosigner Liable for a Debt?

Sawin & Shea

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future. Reaffirming Debt in Chapter 13 Bankruptcy Chapter 13 bankruptcy involves consolidating your different forms of debt into a three-to-five-year repayment plan.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Unsecured debt would include things like: Medical bills Credit card bills Utility bills Back rent Personal loans At the end of the bankruptcy process, the remaining balances for these types of unsecured debts will likely be forgiven.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy.