Sawin & Shea

DECEMBER 21, 2023

For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. It is one of the fundamental debtor protections under the Automatic Stay in the Bankruptcy Code. At the moment of filing, creditors receive legal notice to halt collection activities.

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Bankruptcy Debtor Repossession Creditors 52

FFGN COLLECT NY

NOVEMBER 21, 2022

Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. They would need to make an application to the court for an order of replevin.

Collateral 52

Collateral Repossession Debtor Creditors 52

Sawin & Shea

NOVEMBER 15, 2023

If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay.

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors.

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Sawin & Shea

SEPTEMBER 14, 2022

They can assist you through the bankruptcy process and can keep creditors from unlawfully harassing you. An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay. What is Consumer Debt?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

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Chapter 7 bankruptcy Bankruptcy Repossession Collateral 98

Consumer Financial Services Law

JANUARY 31, 2020

2019) that creditors who refuse to relinquish an item that was seized pre-petition are not subject to sanctions because their refusal does not violate 11 U.S.C. § Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments.

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Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Sawin & Shea

JUNE 7, 2023

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. For example, a parent or another family member may become a co-signer for a low-credit borrower so that the primary debtor can obtain a desirable loan.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. Unsecured debt, unlike secured debt, is not tied to any collateral or property.

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. Most debtors cannot keep their credit cards when they file for Chapter 7. Most people keep everything they have in Chapter 7 cases.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. This plan states that you’re committed to paying back something to creditors in monthly installments, and you detail the minimum amount you’ll pay as well as the duration of the plan.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Qualco

NOVEMBER 7, 2023

In the past, creditors used to restructure sparingly, typically reserving it for situations where amicable collections appeared implausible. These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income.

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Financial Institution Debtor Loans Collateral 95

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view.

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Sawin & Shea

JUNE 21, 2023

The Chapter 13 repayment plan consolidates your existing debts into a three to five-year plan to pay back your creditors, and initiating the process offers immediate protections, including an automatic stay, and allows you to keep all of your possessions. When filing for Chapter 13, debtors don’t immediately discharge their debts.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debtor 52

Debt Free Colorado

MARCH 3, 2023

Are My Creditors capable of appealing My Bankruptcy? Chapter 7 bankruptcy Given its straightforward and simple nature, Chapter 7 is sometimes referred to as straight bankruptcy since it involves selling the debtor’s assets, and splitting the money among creditors. What Can’t Bankruptcy Do? What Can’t Bankruptcy Do?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

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Chapter 7 bankruptcy Bankruptcy Repossession Collateral 40

BN Lawyers

MARCH 23, 2020

Work with Creditors. Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. Many creditors will be willing to work with businesses. Creditors face their own pressures. To the extent possible, payments to creditors should be delayed while negotiations are ongoing.

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Bankruptcy Creditors Lender Lawyers 67

Debt RR

DECEMBER 13, 2019

Debts can quickly cripple a business, and negotiating more favorable terms with creditors is usually the best way out. Many businesses are both debtors and creditors. Creditors can cut their losses, and everyone can come to an agreement on how to move forward with a deal that benefits everyone involved.

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Chapter 7 bankruptcy Bankruptcy Creditors Retail 43

Consumer Financial Services Law

DECEMBER 29, 2016

I was one of four attorney members of the National Creditors Bar Association in attendance. Lastly, all groups encouraged the Bureau to publish the rules for creditors at the same time as the rules for the third party collectors. We were joined by representatives from the American Collectors Association and the Debt Buyers Association.

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Collections Judgment Enforcement Creditor's Rights Creditors 40

Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.

Bankruptcy 52

Bankruptcy Unsecured Creditor Debtor Creditors 52

Sawin & Shea

DECEMBER 7, 2022

Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it. If you make a luxury purchase of over $600 within 90 days of filing for bankruptcy, creditors will request for the bankruptcy court to not discharge the debt.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Creditors 98

Debt Free Colorado

DECEMBER 9, 2021

Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. Creditors are prohibited from contacting you after your petition is filed. Chapter 7 bankruptcy is appropriate for unsecured debtors. Chapter 13 (Reorganization).

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