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Can You Sell Your Home if You File for Bankruptcy in Indiana?

Sawin & Shea

If you are struggling to pay your mortgage and other bills, the good news is that the CARES Act (Coronavirus Relief and Economic Security) has extended the deadline for when the foreclosure moratorium is due to expire. You will need the advice of an experienced bankruptcy attorney as soon as possible! Chapter 7 Bankruptcy.

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How Does Bankruptcy Affect Your Job and Future Credit?

Sawin & Shea

Chapter 7 bankruptcy , or liquidation bankruptcy, allows you to discharge all or most of your debt. Under Chapter 7, most people can keep their home and car, if desired, and receive automatic court protection from creditors. Chapter 7 bankruptcy also stops lawsuits and wage garnishments.

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

Titan Consulting

You must qualify to file for bankruptcy, and your income must meet an income means test. 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.

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Short Sales and Bankruptcy

Sawin & Shea

For the lender, it’s all about the bottom line, and if they think they can get more money from a foreclosure, they won’t agree to a short sale. What if you file for Chapter 7 bankruptcy? Is it better than bankruptcy? The debt will show as “discharged in bankruptcy” if you file a Chapter 7 or 13.

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5 Common Bankruptcy Myths and the Truth Behind Them

Debt Free Colorado

The following are some of the most common bankruptcy myths in Littleton, Colorado: Myth #1: Short sales and loan modifications are viable alternatives to bankruptcy. Some people hope to stay out of bankruptcy by selling their homes or requesting a loan modification. Myth #4: Everyone will be aware of your bankruptcy filing.

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10 Common Questions About Bankruptcy

Debt Free Colorado

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. Chapter 7 is known as liquidation in bankruptcy legislation.

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Dealing With Debt From COVID-19

Debt Free Colorado

You can work directly with the mortgage lender on a loan modification, or reach out to the Colorado Foreclosure Hotline for free assistance. This is fairly easy to accomplish with federal student loans, and because the federal government is working to waive interest on these loans, it won’t wind up costing you much in the long run.