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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

If you’re struggling with overwhelming debts, Chapter 7 bankruptcy could be your best option. Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. What is Chapter 7 Bankruptcy?

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Chapter 7 (Liquidation). Advantages of Chapter 7 Bankruptcy. Disadvantages of Chapter 7 Bankruptcy.

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Discharge in Bankruptcy – Bankruptcy Basics

Sawin & Shea

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? Personal loans.

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Mistakes to avoid when filing for personal bankruptcy

Roths Child Law

It is important that you understand how these types of bankruptcies differ. If you are seeking to discharge unsecured debts like medical debts, credit card debts and unsecured loans, then you need to file for Chapter 7 bankruptcy. Bankruptcy can give you a fresh start.

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Dealing With Debt From COVID-19

Debt Free Colorado

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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10 Common Questions About Bankruptcy

Debt Free Colorado

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. A court judgment that states that a person is not required to pay back some debts is given to those who abide by the bankruptcy laws and are granted a discharge.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.