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. They will then determine what, if any, non-exempt property they can seize and will use the proceeds from that property to repay a percentage to your creditors.

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Sawin & Shea

AUGUST 23, 2023

Most Debtors, however keep everything they have. Once the trustee receives these funds, they then pass them on to creditors to put toward your debt. Unlike Chapter 7 bankruptcy, Chapter 13 allows debtors to create a repayment plan over three to five years.

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Sawin & Shea

APRIL 5, 2023

However, many debtors have questions regarding how filing for bankruptcy impacts child support payments and debts. In this blog, we unpack what happens to child support income and obligations when a debtor files in Indiana. Can You File Bankruptcy on Child Support? Call us today at 317-759-1483, or you can contact us online here.

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Sawin & Shea

MARCH 14, 2023

Indiana allows debtors to exempt assets when filing for bankruptcy up to a certain monetary amount, and that amount recently increased. When filing, you are allowed to exempt a portion of your home’s equity, tangible personal property, and intangible personal property. Why Did Bankruptcy Exemptions Increase in Indiana?

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Sawin & Shea

APRIL 12, 2023

Unsecured debt includes things like credit card debt, medical debt, and personal loans. Meaning, you have prioritized payments to family and friends over all other creditors, which is not allowed. Who Is an Insider?

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Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Therefore, the agencies act as middlemen collecting any delinquent loans.

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Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. There are exemptions depending on the property and how essential it is, but anything considered nonexempt will likely be sold to help pay off your creditors. Student loans can be particularly challenging.

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UK debt collections

JANUARY 3, 2023

typical Business borrowing, e.g. overdraft, bank loans, vehicle finance etc. Money invested in the business by directors or others, usually in the form of cash, personal loans, or personal guarantees. Informal Negotiation with creditors. The Small Business simply stops trading and informs creditors.

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UK debt collections

APRIL 28, 2021

People who are in debt from credit cards, loans and other personal debt sources could be given ‘breathing space’ under new temporary measures the government has announced. During the current pandemic, debt charity Stepchange has warned of a impending “personal debt tsunami” of £6Bn. Personal loans.

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Sawin & Shea

AUGUST 2, 2023

Bankruptcy Relief Filing for bankruptcy can not only assuage the anxiety and guilt associated with insolvency, but it can provide much-needed relief from creditors’ harassing phone calls. When you file for bankruptcy, the law immediately puts into place protections, including one that forbids creditors from contacting you in any way.

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Sawin & Shea

JANUARY 25, 2022

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. In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary. Examples of Unsecured Debts.

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Better Credit Blog

DECEMBER 22, 2021

How Debt Consolidation Loans Work. A debt consolidation loan is a personal loan that can be used to pay off all of your debts, so instead of owing money to multiple sources, you will just have to pay back one lender with a monthly payment. When Might It Make Sense To Get A Debt Consolidation Loan.

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP.

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Debt Collection Answers

MAY 18, 2023

Caine and Weiner is a prominent debt collection firm that operates across various sectors, gathering debts from a range of industries, including: Personal loans Phone bills Student loans Credit cards To secure his debts, Caine and Weiner acquire them from the original creditors at a reduced price, then pursue the entire amount from the debtor.

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Sawin & Shea

AUGUST 24, 2020

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. In exchange of this discharge non-exempt assets are liquidated by a Chapter 7 trustee in order to pay creditors back something.

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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. In reality, they can take years and involve numerous legal proceedings on behalf of the person or business filing as well as the Trustee and creditors. The Trustee’s office then pays various creditors.

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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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Credit Corp

SEPTEMBER 12, 2023

When a lender doesn’t receive payments for a line of credit, like a credit card or personal loan, they may choose to eventually sell that credit to a debt collection agency to get some of their money back. You can also contact the original creditor to get this information. We’ve answered some frequently asked questions below.

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Collection Industry News

FEBRUARY 21, 2022

Negotiating with creditors to lower your interest rates and waive fees. Under a DMP, a nonprofit credit counselor will work with your creditors on your behalf to consolidate your debts into a single monthly payment. BEST CREDIT CARD CONSOLIDATION LOANS. Signing you up for a debt management plan (DMP). Balance transfer cards.

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