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What Are Preferential Payments in Bankruptcy?

Sawin & Shea

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.

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Five Burr Attorneys Named to Lawdragon’s 2022 “500 Leading Bankruptcy & Restructuring Lawyers” List

Burr Forman

Meek have been recognized in the January 2022 issue of Lawdragon’ s “500 Leading Bankruptcy & Restructuring Lawyers” List. A good lawyer can make all the difference. Hall was named in the Bankruptcy & Creditors’ Rights, including Litigation specialty. And while that has not (yet?)

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$225,000 Punitive Damages Award Upheld Where Creditor Repeatedly Contacted Customer After Being Notified of Attorney Representation

Troutman Sanders

Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt. The plaintiff’s lawyer sent two faxes to the defendant providing notice that the plaintiff was represented by counsel.

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What Assets Do You Lose in Chapter 7?

Sawin & Shea

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. For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC.

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What Is Nonexempt Property In Bankruptcy, And Why Does It Matter?

Debt Free Colorado

They then exercise control over the merchandise sold to satisfy creditors. They will sell them and use the revenues to pay for the bankruptcy’s fees , charges, and expenditures before paying creditors. ” The Trustee has the authority to seize and liquidate non-exempt property to benefit creditors. .”

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What If My Income Increases During Chapter 13?

Sawin & Shea

If you have further questions regarding filing for Chapter 13 bankruptcy, your best course of action may be to enlist the assistance of Chapter 13 bankruptcy lawyers. Seasoned bankruptcy lawyers can untangle the complex intricacies of filing, and they can help you create a financial plan for becoming debt free.

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Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

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.