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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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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Creditors are prohibited from contacting you after your petition is filed. Chapter 7 (Liquidation).

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SURVIVING FINANCIAL DISTRESS FROM COVID-19 IN THE RESTAURANT, BAR, AND SERVICE INDUSTRY

BN Lawyers

Low Priority: Unsecured Lenders and other Creditors. Unsecured lenders should generally be willing to defer payments. For an unsecured creditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization.