Troutman Sanders

FEBRUARY 16, 2024

Bankruptcy Court for the District of Iowa, absent a plan provision providing otherwise, those funds revert to the debtors. In In re McCrorey , the debtors confirmed a chapter 13 plan, which required them to make payments for 60 months and provided no payments to unsecured creditors.

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Sawin & Shea

AUGUST 9, 2022

With a Chapter 13 bankruptcy, the debtor agrees to a payment plan to pay off their debt, which means they don’t have to surrender their property as collateral. For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral. How Does Reaffirmation of Debt Work?

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Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first. Which creditors can they pay?

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Sawin & Shea

FEBRUARY 22, 2023

And although there are benefits to obtaining this type of mortgage, debtors often have to pay increased interest and monthly payments. These increased payments can put financial pressure on debtors, leading them to fall behind on their housing payments. Adjustable rate mortgages have been on the rise in recent years.

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Sawin & Shea

JANUARY 18, 2024

Debtors with a steady income create a court-approved repayment plan spanning three to five years. The debtor works closely with a bankruptcy trustee to create a manageable repayment plan, and upon successful completion, any remaining eligible debts are typically discharged. What is Chapter 13 Bankruptcy?

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Sawin & Shea

FEBRUARY 16, 2022

If you’re in an emergency situation such as wage garnishment, eviction, or pending repossession filing an emergency bankruptcy may be right for you. A voluntary bankruptcy petition containing the Debtors contact information and chapter designation is prepared and signed.

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Roths Child Law

APRIL 10, 2023

One of these is when you have to file for bankruptcy immediately to avoid a foreclosure, wage garnishment or repossession Requirement for debtor education Debtor education is meant to equip you with the tools and resources necessary to better manage your finances after bankruptcy.

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Jimerson Firm

NOVEMBER 23, 2020

Self-Help Repossession: In Florida, a secured creditor may use self-help repossession to take possession of collateral, provided its efforts do not breach the peace. Florida case law provides that a breach of the peace occurs if the secured creditor enters the debtor’s land to repossess the collateral, without the debtor’s consent.

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Jimerson Firm

NOVEMBER 27, 2023

If the debtor consents and no one otherwise objects, a secured party may accept the collateral in full or partial satisfaction of the obligation. A debtor is deemed to consent to the acceptance of collateral in partial satisfaction of the obligation if the debtor agrees to the terms of acceptance in a record authenticated after the default.

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FFGN COLLECT NY

NOVEMBER 21, 2022

When most people think of taking back goods or other collateral, they think of the “repo man” breaking in and repossessing a vehicle in the dead of night without a court order or sheriff tagging along. As well as show that the demand and notice of default were sent and the debtor failed to cure the default in payment.

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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. 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.

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Debt Free Colorado

MARCH 10, 2023

At the beginning of the bankruptcy process, a petition is filed by the debtor or, less frequently, by creditors. After all the assets have been reviewed and evaluated for the debtor, some of the debt may be partially fulfilled utilizing the assets. A bankrupt person or business is unable to pay its debts.

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Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. Bankruptcy Code requires debtors to complete credit counseling courses 180 days before filing.

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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.

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Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment.

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PBWT

SEPTEMBER 28, 2022

Critically, the automatic stay goes into effect immediately upon bankruptcy and prohibits landlords from terminating their leases or taking any other adverse action against the debtor’s property, including commencing or continuing eviction proceedings. However, landlords will be entitled to timely rent payments after the filing date.

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UK debt collections

NOVEMBER 16, 2023

The bankruptcies were made up of 553 debtor applications and 150 creditor petitions. Debtor applications were 18% higher and creditor petitions 90% higher than in October 2022. It can have serious implications for individuals and their families, as it can lead to bankruptcy or repossession.

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Debt Recoveries

MAY 28, 2023

Do not be reluctant to take more aggressive measures if it is obvious that the debtor will not make payment. Push for a resolution (payment) each time the debtor is contacted during the collection process and decide on the next course of action (callback, repossession, legal action, etc.). Keep your promise.

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Sawin & Shea

SEPTEMBER 14, 2022

With consumer debts, co-debtors receive the protection of an automatic stay. If you’re a co-signer or co-debtor on a business property, such as a rental home, the automatic stay doesn’t protect you from lenders, so they can repossess the property. How Does Consumer and Non-Consumer Debt Impact Your Chapter 7 Bankruptcy Filing?

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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. Some debtors attempt to avoid the luxury item bankruptcy provision by taking a cash advance on their credit card, but this will also likely not work.

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Sawin & Shea

SEPTEMBER 13, 2023

During this process, the lender will typically repossess the house and then sell it off at a public auction. A bankruptcy, on the other hand, is a process that debtors can use to eliminate some of their debt or establish a payment plan for their debts so they can potentially save some of their assets or property.

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Sawin & Shea

MARCH 20, 2024

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. They typically answer questions from a debtor about back taxes, filing annual tax returns, and tax penalties they may owe.

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PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view. [i]

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Sawin & Shea

JUNE 21, 2023

When filing for Chapter 13, debtors don’t immediately discharge their debts. They may suspect that the debtor committed fraud or tried to deceive the court or their creditors in another way. Courts can punish this behavior by dismissing a case with prejudice, making it harder for the debtor to refile.

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Public Citizen

OCTOBER 29, 2020

A new state survey from the National Consumer Law Center finds that not one jurisdiction’s laws meet basic standards so that debtors can continue to work productively to support themselves and their families. No Fresh Start 2020: Will States Let Debt Collectors Push Families into Poverty in the Wake of a Pandemic?

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Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey. any act to.

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Sawin & Shea

FEBRUARY 7, 2024

It is not generally recommended that Debtors take on the task of presenting a bankruptcy case pro se, that is without an attorney. As we’ve discussed, filing for bankruptcy places an automatic stay on your assets, meaning your creditors cannot attempt to recover what you owe, repossess your property, or garnish your wages.

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Credit Corp

MAY 3, 2021

The bank repossesses the car, but you still owe $20,000 on it. The credit card company agrees to this settlement , which means $4,000 of your debt has been canceled. You buy a car for $30,000 and make a total of $10,000 in payments. You can no longer afford the payments and fall behind on payments.

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Qualco

NOVEMBER 7, 2023

These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income. This method allows a servicer to initiate legal proceedings to pressure a debtor while negotiating an extrajudicial settlement.

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Roths Child Law

DECEMBER 10, 2020

They may send letters, call frequently, threaten to foreclose on the home or even repossess the consumer's property. Depending on the income of the debtor and other factors, either Chapter 7 or Chapter 13 may offer a way to deal with debt in an organized and efficient manner. Debt is an emotional problem as well as a financial one.

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Sawin & Shea

MAY 26, 2021

This means a foreclosure, repossession, garnishment, or other action can continue against your spouse even after you’re freed of it through bankruptcy – but only if their name is on the debt. If you opt for Chapter 13, an automatic co-debtor stay prevents creditors from hassling either you or your spouse about shared debts.

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Debt Free Colorado

MARCH 3, 2023

This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time. What Can’t Bankruptcy Do?

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Sawin & Shea

JULY 12, 2023

They’ll be unable to garnish your wages, foreclose on your home, and repossess your belongings. Unlike Chapter 7, Chapter 13 bankruptcy requires debtors to repay some or all of their debts through a repayment plan. You’ll even have protection from collection calls and other forms of aggressive communication.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Creditors 52

Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

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Troutman Sanders

MAY 5, 2021

In its holding, the court emphasized that the expectation that a car purchaser would read a collection letter and know that he/she is a “consumer” subject to the consumer debt listed therein, is not inconsistent with the “least sophisticated debtor” standard. ” The district court disagreed on both fronts.

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