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How Much Debt is Needed to File for Bankruptcy?

Sawin & Shea

Firstly, you need to understand the difference between unsecured and secured debts. 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.

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Will Bankruptcy Erase ALL of My Debt?

Sawin & Shea

In Chapter 13 Bankruptcy: Chapter 13 bankruptcies work a little differently. Instead of discharging most of your debt and using your personal property to pay off creditors, a reorganization plan is filed to dela with the debt. Certain Tax Debts. Student Loans.

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Should You File for Bankruptcy if a Strong Economy is Just Around the Corner

Titan Consulting

If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score. The Bankruptcy Option. Take advantage of payment waivers.

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10 Common Questions About Bankruptcy

Debt Free Colorado

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.