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. Chapter 13 involves commitment from the declarer to repay a portion of their debt over a specified period (usually three to five years).
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Sawin & Shea
JANUARY 25, 2022
What is Secured Debt? 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. Examples of Secured Debts.
Roths Child Law
JANUARY 31, 2023
If you are struggling to pay your debts, you have a number of options at your disposal. You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.
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 is a disaster when it comes to secured debt. . Chapter 13 (Reorganization).
Sawin & Shea
OCTOBER 26, 2022
Additionally, you can discharge a loan regardless of whether the original lender has the loan or whether the lender sold it to a collection agency or debt buyer. Even if a creditor has initiated a wage garnishment you can still discharge the unsecured loan in Chapter 7 bankruptcy. Looking for bankruptcy attorneys in Indiana ?
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. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.
Expert insights. Personalized for you.
52 
Let's personalize your content