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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation.

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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? When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge.

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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

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt. Who Is Eligible for Chapter 7 Bankruptcy?

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Getting Approved for a Loan After Bankruptcy

Sawin & Shea

Many people assume that because they have filed bankruptcy, their credit is ruined, and they will not be able to qualify for any loans. There are a number of steps you can take to improve your credit score and to make it likely that you can be approved for a loan. Prequalify through several lenders. This is not true.

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Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

In this blog, we’ll discuss how Chapter 13 usually affects credit scores, and we’ll give you actionable tips to begin rebuilding your credit. If you have additional questions regarding Chapter 13 or Chapter 7 bankruptcy, contact the attorneys at Sawin & Shea, LLC.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

What’s the Difference Between Chapter 7 and Chapter 13? 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.