Roths Child Law

AUGUST 6, 2021

When faced with insurmountable debts, Chapter 7 bankruptcy can be the best way to regain control over your financial situation. Importantly, Chapter 7 bankruptcy provides an opportunity for a fresh start. Typically, a Chapter 7 bankruptcy case will conclude within six months.

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Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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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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Troutman Sanders

JULY 19, 2021

Court of Appeals for the Second Circuit ruled that private student loans are not explicitly exempt from a debtor’s Chapter 7 bankruptcy discharge. In Homadian , the borrower, after graduating from Emerson College, filed for Chapter 7 bankruptcy in 2007 and obtained a discharge in 2009.

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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. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food. One common solution to debt is bankruptcy.

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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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ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” 7] The debtor disagreed and filed a cross motion for Summary Judgment. [8]. 1] In Hull v. 2d 395 (2d Cir.

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Roths Child Law

NOVEMBER 16, 2020

Many college graduates in Tennessee are struggling with student loan repayments, and you might be among them. Is public service loan forgiveness for you? Public service loan forgiveness may be one part of dealing with the student loan debt trap, but it may not provide a total escape from the situation.

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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

JULY 6, 2022

A friend or family member may step in to assist the borrower in obtaining a loan for a car, home, or student loan. Unfortunately, if a friend or family member needs someone to personally guarantee their loan, that likely means they’ll have a high-interest rate and have a higher chance of defaulting on payments.

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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. 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.

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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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Roths Child Law

DECEMBER 16, 2020

At the same time, you may have student loan and credit card debt that is more than you can afford. For many ex-students, overwhelming debt is the reason they can't move forward with plans to return to school. If your debt has reached a crisis level, you may want to consider filing for bankruptcy.

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Debt Free Colorado

JANUARY 10, 2022

They can file for Chapter 7 if their disposable income is low enough. Advantages and Disadvantages of Bankruptcy Chapter 7. Advantages of Chapter 7 Bankruptcy . Bankruptcy wipes out all debts and gives you a fresh start. Filing a Chapter 7 bankruptcy is not costly.

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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

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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Sawin & Shea

MARCH 6, 2024

It provides a way for debtors to either liquidate non-exempt assets (most cases result in a no-asset finding, meaning people keep everything they have) to pay off creditors and eliminate remaining debts (Chapter 7 bankruptcy) or to reorganize their finances and debts into a multi-year repayment plan (Chapter 13 bankruptcy).

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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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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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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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Sawin & Shea

SEPTEMBER 28, 2022

We recommend you mention your bankruptcy yourself, rather than waiting until you are asked about it after a credit check. Student loans, crushing medical debts, credit card debts – none of these lessen your worth as an individual or as an employee. Will my bankruptcy show up on a pre-employment check?

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Sawin & Shea

NOVEMBER 1, 2023

Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors. After you have completed your Chapter 13 payment plan, if there is any remaining unsecured debt, it will be discharged with a few exceptions like some taxes, most student loans, and child support.

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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. Pensions have also mostly disappeared or have become significantly underfunded.

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Debt Free Colorado

APRIL 9, 2020

Student Loans. You should call your student loan servicers about forbearance, which will temporarily stop or reduce your payments. Unfortunately, you are at the mercy of the lender if you have private student loans as they tend to be much more difficult to work with.

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Roths Child Law

AUGUST 23, 2020

Bankruptcy offers two prominent strategies for dealing with debt: Liquidation: the sale of assets to address debts. But Chapter 7 Bankruptcy – which uses the liquidation model – allows debtors to keep some of their assets. Bankruptcy immediately removes 100% of your debt.

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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

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

MARCH 3, 2023

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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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

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

MARCH 9, 2022

Although borrowers can discharge many different types of debts through bankruptcy, the following debts can’t be discharged in the bankruptcy process: Government penalties and fines, such as some traffic tickets, jury fees, or criminal fines Some income taxes Student loans Alimony Child support Retirement plan loans.

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Sawin & Shea

JANUARY 25, 2022

Common types of unsecured debts include: Credit cards Student loans Personal loans Medical debt Back rent Utility bills Child support. If the unsecured debt is a federal student loan, the Department of Education can garnish up to 15% of your disposable income without filing a lawsuit. Examples of Unsecured Debts.

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Debt Free Colorado

DECEMBER 7, 2016

Chapter 7 bankruptcy may seem intimidating, but as you can tell from the following infographic, the steps that go into successfully completing your case are pretty straightforward. For those of you who may not be able to view the image, the text follows: Chapter 7 Bankruptcy Timeline. 13 bankruptcy.

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Collection Industry News

DECEMBER 21, 2020

Consumers in Chapter 10 can file one or more plans, including (1) a “Residence” plan, which addresses mortgages on consumers’ principal residences; (2) a “Property” plan, which addresses debts secured by other property; and (3) a general repayment plan, which addresses unsecured debts, such as credit card, medical, and student loan debts.

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