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Consumer Debt vs. Non Consumer Debt

Sawin & Shea

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.

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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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Dealing With Debt From COVID-19

Debt Free Colorado

You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited. They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments.

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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.