Sawin & Shea

SEPTEMBER 14, 2022

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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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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Roths Child Law

AUGUST 14, 2023

Student loans are one of the primary ways graduates build up debt. College students are often also targets of credit card companies, which can lead to all kinds of debts. Graduates may have received grants and awards to help pay for their education, but many have student loans hanging over their heads.

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Sawin & Shea

JANUARY 25, 2022

While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13.

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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

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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Debt Free Colorado

DECEMBER 9, 2021

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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Sawin & Shea

JUNE 14, 2023

Because so many struggle financially after divorce, it’s common for individuals to declare bankruptcy before or after their marital dissolution. Here’s what you need to know about bankruptcy and divorce. Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future.

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Debt Free Colorado

JANUARY 20, 2024

Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts. Medical bills are typically considered unsecured debts.

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Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor.

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Sawin & Shea

AUGUST 24, 2022

You’ve likely heard about Chapter 7 and Chapter 13 bankruptcy — as they are the most common types and are available to individuals — but how do they differ? Chapter 7 bankruptcy liquidates your assets in order to discharge unsecured debts, such as medical bills and credit card 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

To receive the discharge, you must prove that you qualify in three ways: You must demonstrate that the situation preventing you from honoring your Chapter 13 repayment plan is beyond your control and you should not “ be justly held accountable.” A student loan is an example of a nondischargeable debt under federal law.

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Sawin & Shea

AUGUST 2, 2023

Filing for Chapter 7 bankruptcy centers on liquidating assets, while Chapter 13 bankruptcy focuses on reorganization. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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Sawin & Shea

AUGUST 30, 2023

It is a legal way of either consolidating or discharging allowable debts in order to get a fresh start. Although businesses can also declare bankruptcy, we will focus on personal bankruptcy in this article. After taking a means test, you will file papers and a petition with the bankruptcy court. Personal loans.

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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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Sawin & Shea

JANUARY 12, 2022

They can help you throughout the entire process and even after the bankruptcy has ended when you are trying to get back on your feet. How Debt Discharge Works. The type of bankruptcy you file will determine how your debts are handled. Student Loans. Student loans can be particularly challenging.

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Sawin & Shea

NOVEMBER 1, 2023

Simply put, yes, you can file bankruptcy on your medical bills. Your medical bills are considered “unsecured debts” which means there is no property that can be taken from you under contract as a result of not paying your medical bills — and most unsecured debts, like medical bills, are eligible for bankruptcy.

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Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Plus, being a co-signer can help a debtor build credit.

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Roths Child Law

APRIL 6, 2023

If you earn a decent, steady paycheck but you’re still struggling to pay your debts on time, it may be worth considering filing for bankruptcy. Bankruptcy Code. This opportunity will allow you to benefit from the protections of the automatic stay and the issuance of a discharge at the end of the bankruptcy process.

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Titan Consulting

AUGUST 23, 2020

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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Roths Child Law

JANUARY 31, 2023

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.

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Roths Child Law

DECEMBER 15, 2021

One option that you have is to file for bankruptcy. This gives you the chance to take care of your debts and start fresh. If you file a Chapter 7 bankruptcy, your non-exempt debts are liquidated so creditors can receive some payment for your accounts. How does the court divide debts?

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Sawin & Shea

NOVEMBER 17, 2021

How Are Utility Bills Handled in Chapter 7 Bankruptcy? In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans.

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Sawin & Shea

NOVEMBER 17, 2021

How Are Utility Bills Handled in Chapter 7 Bankruptcy? In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans.

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Sawin & Shea

OCTOBER 11, 2023

What’s the Difference Between Chapter 7 and Chapter 13? 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.

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Sawin & Shea

OCTOBER 4, 2023

That is why mortgage lenders are often willing to work with you to provide a loan after bankruptcy. However, you’ll need to take specific steps to get the loan. Those steps will depend on your situation and the type of loan you seek. Can I Buy a House 2 Years After Bankruptcy?

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Sawin & Shea

JULY 15, 2020

A Chapter 13 can help you get caught up on houses and cars, help you hang onto property that might be taken and liquidated in a Chapter 7 case, and help people with debts that are not eligible for a Chapter 7 bankruptcy for one reason or another. What Am I Obligated to Pay in My Chapter 13 Plan?

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Sawin & Shea

SEPTEMBER 29, 2021

Ultimately, bankruptcies result in a discharge. This discharge stops any future collection of dischargeable debts. Credit cards, in almost every case, are dischargeable debts. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt.

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Sawin & Shea

SEPTEMBER 29, 2021

Ultimately, bankruptcies result in a discharge. This discharge stops any future collection of dischargeable debts. Credit cards, in almost every case, are dischargeable debts. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt.

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Sawin & Shea

APRIL 12, 2023

However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. What is the Difference Between Chapter 7 and Chapter 13? Chapter 7 looks at assets that you owned at the time you filed. Who Is an Insider?

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Roths Child Law

JULY 26, 2020

It can be helpful to learn more about the bankruptcy process and what happens if you need to move forward with this process. Chapter 7 bankruptcy is a popular option because it only takes a few months to complete. During the Chapter 7 process, there will be a discharge of certain balances.

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Sawin & Shea

MARCH 9, 2022

Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts.

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Sawin & Shea

JULY 22, 2020

Debts like credit card bills and medical bills often can be eliminated after receiving just cents on the dollar, giving you some breathing room so you can become financially stable. Every Chapter 13 repayment plan is unique and is based on your individual situation. How Long Does A Chapter 13 Bankruptcy Plan Take?

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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.

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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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Debt Guru

AUGUST 30, 2021

Some professionals will helpfully walk you through a debt management program or counsel you about the best way to handle your debt, but scammers will take advantage of you unless you know what to look for. So, when should you seriously consider debt relief? Chapter 7 bankruptcy comes with some serious downsides.

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