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. For example, a parent or another family member may become a co-signer for a low-credit borrower so that the primary debtor can obtain a desirable loan.
Sawin & Shea
NOVEMBER 15, 2023
In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. If a debt is unsecured, no collateral is put up as a guarantee to pay.
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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. It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor.
Sawin & Shea
AUGUST 2, 2023
Unsecured debt includes things like credit card debt, medical debt, and personal loans. The above descriptions provide a very broad overview of these two types of bankruptcy filings, but debtors should discuss these options at length with a lawyer who has experience in bankruptcy.) When Should I Contact an Attorney?
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. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.
Credit Corp
MAY 3, 2023
Bankruptcy does have some benefits, such as potentially putting a stop to wage garnishments or foreclosures. Through the bankruptcy, the debtor restructures and then creates and implements a plan to pay back creditors. In other cases, people have unplanned expenses such as medical bills that can put them over the edge financially.
FDCPA Defense
FEBRUARY 3, 2019
1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “Neither the lender's motives nor the fashion in which the loan is memorialized are dispositive of this inquiry.”). 2012) (intent of debtor at time of purchase controls).
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