Sawin & Shea

JUNE 22, 2022

And student loan payments are often even a burden for senior citizens today. Unfortunately, all of this adds up to bankruptcy—something that is already scary to deal with as is but can be even more overwhelming and frightening for seniors. So if you have more than this, it can be used in bankruptcy to pay back creditors.

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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. Filers must pass a means test to qualify for a chapter 7 bankruptcy.

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Sawin & Shea

MAY 19, 2021

If you are thinking of filing for Chapter 7 or Chapter 13 bankruptcy, or if you have already filed, you may be concerned about how long the bankruptcy will stay on your credit report. The situation is more complicated with Chapter 13 bankruptcy. Create a budget and build an emergency fund.

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Debt Free Colorado

APRIL 9, 2020

Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Student Loans.

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Debt Free Colorado

JANUARY 10, 2022

To help you in making an intelligent choice, this blog discusses the different types of bankruptcies along with their pros and cons so you can choose which one best suits your financial situation. Bankruptcy Defined. Bankruptcy is a legal process to discharge debt and starts with a bankruptcy petition filed in court.

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Roths Child Law

JULY 12, 2023

For example, a Chapter 7 to another Chapter 7 bankruptcy typically has an 8-year wait time. Or, a Chapter 7 to a Chapter 13 bankruptcy may require people to wait 4 years. What is liquidation bankruptcy? Liquidation bankruptcy is another name for Chapter 7 bankruptcy.

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Sawin & Shea

JULY 28, 2021

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.

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Sawin & Shea

APRIL 10, 2024

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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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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Roths Child Law

AUGUST 2, 2024

The debts you can resolve with bankruptcy include: Credit card debt Medical debt Loan debt However, not all forms of debt can be resolved with bankruptcy. For example, student loans, tax claims and child or spousal support may not be resolved through bankruptcy. What type of bankruptcy should you file for?

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Sawin & Shea

AUGUST 24, 2020

Whether or not you file for bankruptcy also depends on the kind of debt you have. Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. What does each one mean?

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Debt Free Colorado

DECEMBER 23, 2024

If you fail to pay, creditors cannot take your belongings. In this article, we will explore the types of unsecured debts that bankruptcy can erase. Quick Summary: Filing for bankruptcy stops all debt collection right away through the automatic stay. Some debts stay with you even after bankruptcy.

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Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter 13 bankruptcy options.

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Sawin & Shea

SEPTEMBER 28, 2022

The stress leading up to a declaration of bankruptcy can be intense. You worry about creditors and wonder if you will be able to stay in your home and keep your car. You may also worry that your bankruptcy will become public knowledge and affect other aspects of your life. Bankruptcy Code. Will it affect your current job?

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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

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. Most federal student loans. Court fines. Medical bills.

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Debt Free Colorado

NOVEMBER 28, 2024

The two most common types are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy The liquidation process is managed by a trustee who sells non-exempt assets to pay creditors. A key benefit of Chapter 7 bankruptcy is the quick discharge of debts.

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Sawin & Shea

APRIL 17, 2024

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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Sawin & Shea

OCTOBER 11, 2023

Put simply, Chapter 7 is all about 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 declarer’s non-exempt assets. What do we mean by this?

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Sawin & Shea

MARCH 6, 2024

Creditors do not have to participate. If the creditor tires of waiting for payments they can pursue legal remedies like lawsuits. Your credit also continues to get damaged while you are in the program as you miss monthly payments to the creditors. The issue with these programs is that they are voluntary.

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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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Sawin & Shea

NOVEMBER 1, 2023

However, each state has a statutory structure that determines what assets you can hold onto thoroug the bankruptcy process. Non-exempt items could be taken, liquidated, and the proceeds used to help pay your creditors something. Chapter 7 may not aways be the best option, but it is a way to have all of your medical debts cleared.

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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? What Can’t Bankruptcy Do?

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Sawin & Shea

JANUARY 25, 2022

If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary. Examples of Unsecured Debts.

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Sawin & Shea

NOVEMBER 2, 2022

Is it Possible to File Bankruptcy Without Telling Your Spouse? Wondering if you have to tell your spouse about the bankruptcy? It would be challenging to make it through the entire bankruptcy process without them finding out. In this situation, it could be best for Spouse 2 to file alone and leave Spouse 1 out of the process.

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Sawin & Shea

APRIL 3, 2024

Professional Licenses and Loan Defaults While a bankruptcy filing alone shouldn’t ruin your chances of obtaining a license, defaulting on certain loans and debts can. It is against the law for an employer to fire you on the basis of your bankruptcy, and this includes both government and private employers.

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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. For example, if you have an automobile loan secured by a car, it is not eligible for a hardship discharge.

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