Sawin & Shea

DECEMBER 21, 2023

It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation.

Bankruptcy 52

Bankruptcy Debtor Repossession 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

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

Sawin & Shea

JANUARY 24, 2024

The court sells off your nonexempt assets and uses the proceeds to pay your creditors. Your assets are protected while you make monthly payments to creditors through the court. Equity loans put your home at risk as collateral. Chapter 13 bankruptcy sets up a 3-5 year repayment plan to pay back a portion of what you owe.

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

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. Complete protection from creditors – This includes wage garnishment and debt collection.

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Debt Free Colorado

APRIL 9, 2020

Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Triage your finances.

Student loans 82

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82