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Questions to Ask a Chapter 7 Bankruptcy Lawyer Before Filing for Bankruptcy

Sawin & Shea

At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas. What is Chapter 7 Bankruptcy? Will All of My Debt Get Discharged? Will I Lose My Property When I File Chapter 7 Bankruptcy?

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What Assets Do You Lose in Chapter 7?

Sawin & Shea

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. What Is Chapter 7 Bankruptcy?

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

Have additional questions regarding bankruptcy or reaffirming secured debts? Here at Sawin & Shea, we have numerous years of experience practicing bankruptcy law and can answer your questions. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Put simply, Chapter 7 is a liquidation while Chapter 13 is about reorganization. In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Secured vs Unsecured Debt: What’s the Difference?

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Does Filing for Bankruptcy Eliminate Debt?

Sawin & Shea

Before you decide if bankruptcy is the best option for you, it’s important to understand the two different types of bankruptcy that are available to individuals: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Most Debtors, however keep everything they have.

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Retirement Savings in Bankruptcy in Broomfield, CO

Debt Free Colorado

Is My Individual Retirement Account (IRA) Fund Safe in Bankruptcy? In both Chapter 7 and Chapter 13 bankruptcies, IRA plans are generally afforded some level of protection , but the specifics can vary. Colorado allows debtors to exempt their 401(k) plans.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral.