Sawin & Shea

MAY 24, 2023

Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and protects certain assets you may possess. Briefly, unsecured debts are not backed by any collateral. Credit card and medical debt are examples of unsecured debt.

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Sawin & Shea

AUGUST 23, 2023

Bankruptcy Explained Bankruptcy is a powerful legal process that can help individuals or businesses that are overwhelmed by debt get a fresh start and a path to rebuild. Chapter 7 is also known as the “liquidation bankruptcy” because it allows individuals to liquidate all non-exempt assets to help pay off their debt.

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Sawin & Shea

JANUARY 4, 2024

Instead of fighting with your creditors, you work with them proactively in the bankruptcy process to resolve your debts. In some cases, you may be eligible for a Bankruptcy Hardship Discharge. Ineligible types of debt include secured debts, priority debts, and nondischargeable debts.

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Sawin & Shea

AUGUST 30, 2023

Although businesses can also declare bankruptcy, we will focus on personal bankruptcy in this article. In Chapter 7 Bankruptcy , (sometimes misleadingly described as liquidation bankruptcy), certain debts are discharged within 3-4 months. Which Debts Cannot be Discharged in Bankruptcy?

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Roths Child Law

DECEMBER 15, 2021

If you’re in this position, you’re probably tired of the creditors calling you and sending you letters. One option that you have is to file for bankruptcy. This gives you the chance to take care of your debts and start fresh. The court will divide debts into two categories – unsecured and secured.

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Credit Corp

MAY 3, 2023

However, we’ve provided some basic answers below to the question, “What is the difference between Chapter 7, 11, and 13 when it comes to bankruptcy?” In This Piece Understand the Types of Bankruptcy How Do You Know Which Bankruptcy Type is Right for You? What Is Chapter 11 Bankruptcy?

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Roths Child Law

JANUARY 31, 2023

If you are struggling to pay your debts, you have a number of options at your disposal. You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. If these options are not possible, you may consider filing for bankruptcy. Some delay the process out of misunderstanding or fear.

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Sawin & Shea

JANUARY 12, 2022

The type of bankruptcy you file will determine how your debts are handled. In Chapter 7 Bankruptcy: While not guaranteed, most debts are often discharged when you file a Chapter 7 bankruptcy. In Chapter 13 Bankruptcy: Chapter 13 bankruptcies work a little differently.

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Titan Consulting

AUGUST 23, 2020

In many cases, you may also lose certain secured assets like homes and cars in a liquidation to pay your creditors some of what you owe. You must qualify to file for bankruptcy, and your income must meet an income means test. Chapter 7 liquidates assets and discharges qualified debts.

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Sawin & Shea

JULY 15, 2020

You won’t have to repay all of your debts in full but your plan will satisfy your creditors one way or another. Under Chapter 13, you are obligated to file forms, provide documents and share information the court will need to process your case. What Am I Obligated to Pay in My Chapter 13 Plan?

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Sawin & Shea

APRIL 12, 2023

Filing for Chapter 7 bankruptcy is centered on liquidating assets while filing for Chapter 13 bankruptcy focuses on reorganization. Chapter 7 looks at assets that you owned at the time you filed. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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Sawin & Shea

JANUARY 11, 2024

Staring down mountains of debt can feel overwhelming. Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Bankruptcy filings for both individuals and businesses are on the rise. Your attorney will guide you through each step of the process.

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Debt Free Colorado

DECEMBER 30, 2023

In both Chapter 7 and Chapter 13 bankruptcies, IRA plans are generally afforded some level of protection , but the specifics can vary. Chapter 7 Bankruptcy In Chapter 7, where non-exempt assets may be liquidated to pay creditors , IRAs are often protected up to a specific limit.

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Debt Free Colorado

MARCH 3, 2023

What Can’t Bankruptcy Do? What Should I Consider Before Filing for Bankruptcy? Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? Are My Creditors capable of appealing My Bankruptcy? What Debts are Discharged in Bankruptcy?

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Debt RR

JANUARY 24, 2020

Secured debt: If a business receives a loan or other credit — like a credit card — because of specific assets or liquid collateral, they have secured debt. Though more uncommon than equipment leases and unsecured debt, some businesses are able to acquire secured credit options.

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Debt RR

DECEMBER 13, 2019

Debts can quickly cripple a business, and negotiating more favorable terms with creditors is usually the best way out. Businesses restructuring debt typically do so because they’re having trouble meeting obligations, and it goes both ways. Many businesses are both debtors and creditors. Past-Due Secured Debt.

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Debt Free Colorado

DECEMBER 9, 2021

Most people filing for either Chapter 7 or 13 bankruptcy will work directly with an attorney to determine the best option for each financial circumstance. Chapters 7 and 13 of the Bankruptcy Code – Awareness. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver.

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Sawin & Shea

DECEMBER 7, 2022

If you’re not sure whether some of your purchases are considered “luxury,” consult with a Chapter 7 or Chapter 13 bankruptcy attorney. If you make a luxury purchase of over $600 within 90 days of filing for bankruptcy, creditors will request for the bankruptcy court to not discharge the debt.

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Collection Industry News

DECEMBER 21, 2020

Currently, Chapter 7 allows consumers with nominal disposable monthly income to discharge their debts after liquidating any non-exempt assets to repay their creditors. Chapter 13 provides for consumers to discharge their debts after paying their disposable income to creditors under a three- or five-year repayment plan.

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