Sawin & Shea

AUGUST 23, 2023

With Chapter 13, your debt would be restructured and you would make a monthly payment to a bankruptcy trustee. Once the trustee receives these funds, they then pass them on to creditors to put toward your debt. Which Bankruptcy Clears All Debt?

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Sawin & Shea

APRIL 12, 2023

Many people are fortunate enough to have family or friends who are willing to help them in times of financial instability. In fact, doing so could actually hurt the people that trusted you would repay them. Unsecured debt includes things like credit card debt, medical debt, and personal loans. Who Is an Insider?

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Sawin & Shea

AUGUST 30, 2023

This will immediately stop your creditors from being able to contact you to demand payment. You and your bankruptcy attorney will next attend either a creditor meeting or a 341 hearing with your court-appointed bankruptcy trustee. Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts.

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Sawin & Shea

JANUARY 4, 2024

Instead of fighting with your creditors, you work with them proactively in the bankruptcy process to resolve your debts. You have already paid your creditors at least as much as they would have received in a Chapter 7 bankruptcy , also known as a liquidation bankruptcy. Schedule a free consultation today at 317-759-1483.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. Indiana’s median income changes from year to year.

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Sawin & Shea

FEBRUARY 21, 2024

Chapter 13 bankruptcy allows people with regular income to develop debt repayment plans to discharge their eligible debts over 3 to 5 years. This is different from Chapter 7 bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan. What Is Chapter 13 Bankruptcy?

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. Many cardholders unable to pay their debt wind up filing for bankruptcy which may be a good answer to big financial problems. Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills.

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Credit Corp

MAY 3, 2023

“Insolvent” is simply a financial state where you can’t pay your bills—usually because your debts outpace your income. People can end up in this situation for a number of reasons. In other cases, people have unplanned expenses such as medical bills that can put them over the edge financially. What Is Chapter 7 Bankruptcy?

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Debt Free Colorado

DECEMBER 30, 2023

One crucial aspect that often concerns people contemplating bankruptcy is the fate of their retirement savings. Chapter 7 Bankruptcy In Chapter 7, where non-exempt assets may be liquidated to pay creditors , IRAs are often protected up to a specific limit. Instead, they work out a plan to repay creditors over time.

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Debt Free Colorado

JANUARY 10, 2022

When a business or an individual cannot meet financial responsibilities or pay to creditors, there is an option to declare bankruptcy. Bankruptcy is a legal process to discharge debt and starts with a bankruptcy petition filed in court. Bankruptcy laws are in place to protect not just the debtor, but also the creditors.

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Sawin & Shea

JULY 15, 2020

You won’t have to repay all of your debts in full but your plan will satisfy your creditors one way or another. This includes filing a petition for Chapter 13 bankruptcy and providing a list of all sources of income, your debts and creditor contact information, your property and belongings, and your monthly bills.

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Sawin & Shea

MAY 24, 2023

Briefly, unsecured debts are not backed by any collateral. Unlike car and home loans, unsecured debt means that creditors aren’t able to reclaim property if you default. Credit card and medical debt are examples of unsecured debt. So let’s get into the details. What is the Indiana Bankruptcy Means Test?

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Debt Free Colorado

MARCH 3, 2023

Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? Are My Creditors capable of appealing My Bankruptcy? What Debts are Discharged in Bankruptcy? Since the effects are severe and long-lasting, bankruptcy is typically seen as the last option for managing debt.

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Collection Industry News

MAY 24, 2021

Credit card debt has fallen during the pandemic, with figures from credit bureau Experian showing the average debt dropped from $6,194 in 2019 to $5,313 in 2020. But debt is still a black cloud looming over many households in the U.S, Student loan debt is debt that you can never get rid of in most cases.

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Sawin & Shea

DECEMBER 7, 2022

Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it. This is even more common during the holiday season because people spend a great deal on travel plans, gifts, and food. Secured debts refer to debts with collateral, such as a home or car.

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Debt Free Colorado

DECEMBER 9, 2021

If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Most people filing for either Chapter 7 or 13 bankruptcy will work directly with an attorney to determine the best option for each financial circumstance.

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Better Credit Blog

FEBRUARY 11, 2022

If you’re on the brink of bankruptcy, a final option before filing is to try the services of a debt settlement firm. These companies aim to reduce the amount of money you owe by negotiating a lower fee with creditors, which makes getting back into the black more affordable. No unexpected bill once you’re free from debt.

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Debt Guru

JULY 19, 2020

To get out of this frustrating and time-consuming loop, many people opt for consolidation to combine multiple debts into one. You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. Don’t jeopardize your home.

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