Sawin & Shea

MAY 5, 2021

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. These are categorized as priority unsecured debts. #7.

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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. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt. What’s a Guarantor?

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Debt Free Colorado

DECEMBER 9, 2021

It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 bankruptcy is appropriate for unsecured debtors. If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Collateral guarantees debt repayment.

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Sawin & Shea

SEPTEMBER 29, 2021

Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors. When you file for bankruptcy, you will be required to list all of your debts, including all of your credit cards.

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Sawin & Shea

SEPTEMBER 29, 2021

Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors. When you file for bankruptcy, you will be required to list all of your debts, including all of your credit cards.

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Sawin & Shea

AUGUST 2, 2023

Chapter 7 Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and includes rules to protect assets that are classified as exempt at the time you file. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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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. The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets.

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UK debt collections

NOVEMBER 16, 2023

The bankruptcies were made up of 553 debtor applications and 150 creditor petitions. Debtor applications were 18% higher and creditor petitions 90% higher than in October 2022. If personal insolvency is unavoidable, individuals are able to apply for a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA).

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Taurus Collect

NOVEMBER 15, 2023

Regulations around debt collection are strict, and experts from no cure no pay debt collection UK are here to help you navigate these waters. In this post, we will explore the rights and regulations governing debt collection in the UK. ” If you’re based in the UK, the answer may surprise you.

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Sawin & Shea

MARCH 7, 2023

Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts. 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.

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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. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Sawin & Shea

JULY 12, 2023

Once you’ve filed your bankruptcy petition, creditors will no longer be able to take any action to collect debts against you. You’ll even have protection from collection calls and other forms of aggressive communication. They’ll be unable to garnish your wages, foreclose on your home, and repossess your belongings.

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Credit Corp

MAY 3, 2021

If you had debt forgiven last year, you may receive a 1099-C cancellation of debt tax form in the mail soon. What Does Canceled Debt Mean? Can a Creditor Collect after Issuing a 1099-C? How Does Cancellation of Debt Affect Taxes? What Does It Mean When a Debt Is Canceled? In This Piece. What Is a 1099-C?

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Debt Free Colorado

MARCH 3, 2023

This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time.

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Collection Industry News

DECEMBER 21, 2020

Under the CBRA, consumer debtors will still be examined at 341 meetings, but those meetings can be conducted remotely. Three Types of Chapter 10 Plans: “Residence” and “Property” Plans for Repayment of Secured Debts and General Repayment Plans for Unsecured Debts. Debtors’ Attorneys Paid over Time.

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Jimerson Firm

JANUARY 27, 2021

An offer in compromise is an offer by the borrower to pay a portion of what is owed on the SBA loan, in exchange for the SBA to consider the debt settled or satisfied. Generally, the compromise amount should be more than $5,000, unless a larger amount would cause financial hardship. illness), paying it would cause financial hardship. (4)

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Sawin & Shea

MARCH 27, 2024

When you file a Chapter 7 petition, you’ll receive an automatic stay protecting you from lawsuits and other collection efforts. This bankruptcy protection will prohibit a collection agency or another creditor from recovering debt or taking action against you.

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Debt RR

AUGUST 3, 2020

Bank account garnishment is a collection procedure that is authorized by a court. When a creditor or a government authority sues a business or individual for an unpaid debt, one of the options for settling is for the court to give the creditor the right to pull the funds from a bank account.

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Credit Corp

MAY 3, 2023

Through the bankruptcy, the debtor restructures and then creates and implements a plan to pay back creditors. to 5 years Debt limitations n/a Combined secured and unsecured debts must be less than $2,750,000 n/a Who Can File for Each Type of Bankruptcy? Typically, this type of bankruptcy is a reorganization of a business.

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Jimerson Firm

AUGUST 7, 2020

sell, lease, license, exchange, collect, or otherwise dispose of receivership property.” § 714.02(14), A receiver is defined in the Act as a “person appointed by the court as the court’s agent, and subject to the court’s direction, to take possession of, manage, and, if authorized.

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Collection Industry News

SEPTEMBER 29, 2020

The Bankruptcy Court retains discretion to extend these deadlines for “circumstances for which the debtor should not justly be held accountable.”. Similarly, debtors must file financial reports required by Section 1116(1) on the petition date, periodic performance reports required by Section 308, and their schedules and statements.

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Debt RR

DECEMBER 13, 2019

Businesses restructuring debt typically do so because they’re having trouble meeting obligations, and it goes both ways. A B2B company may be in financial trouble because it’s having trouble collecting on its own outstanding invoices. Many businesses are both debtors and creditors.

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BN Lawyers

MARCH 23, 2020

For an unsecured creditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization. Taking additional debt in that situation just dilutes recovery for creditors and opens management up to potential liability.

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