Sawin & Shea

AUGUST 2, 2023

When you file for bankruptcy, the law immediately puts into place protections, including one that forbids creditors from contacting you in any way. Unsecured debt includes things like credit card debt, medical debt, and personal loans. When Should I Contact an Attorney?

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Sawin & Shea

DECEMBER 7, 2022

This includes credit card debt, so try to avoid racking up a substantial balance this season. Those who are about to file for bankruptcy should also avoid accumulating substantial debt. Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it.

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Debt Free Colorado

DECEMBER 9, 2021

Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts. Chapter 7 (Liquidation).

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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. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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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. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt. What’s a Guarantor?

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Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy.

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Qualco

APRIL 15, 2024

Digital finance expansion has simplified access to financial resources, streamlining the application and approval processes, thus making these unsecured loans highly attractive.

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Sawin & Shea

SEPTEMBER 29, 2021

Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt.

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Sawin & Shea

SEPTEMBER 29, 2021

Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt.

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. What types of debts can I lump together in a DMP? Secured debts, like your mortgage or car payments, aren’t covered.

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Taurus Collect

NOVEMBER 15, 2023

They should also provide information about the debtor’s right to dispute the debt. Understanding these rules can help residents dealing with debt collection in Derby protect themselves and minimise stress. They are also prohibited from contacting you at work once you’ve informed them that your employer disapproves.

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Sawin & Shea

MARCH 7, 2023

Will All of My Debt Get Discharged? When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. What Are Your Bankruptcy Lawyer Fees?

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Sawin & Shea

JULY 12, 2023

To qualify for Chapter 7 , you’ll need to pass the income based “means test,” which evaluates whether you have enough disposable income to pay off some of your unsecured debts over five years. Once the trustee completes the liquidation process, your discharge protects you from your remaining eligible debts.

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Sawin & Shea

JULY 27, 2022

Debtors who run their credit card balances up before they file for bankruptcy could suffer consequences. Primarily, it could result in your debt becoming ineligible for discharge, which is often the whole point of filing for bankruptcy. So in many cases, running your credit card debt up is not worth it.

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Titan Consulting

AUGUST 23, 2020

Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. The bankruptcy trustee will sell any non-exempt assets to repay debtors before a discharge occurs. Contact us today at (888) 488-4517 or Apply Online now.

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Debt Free Colorado

MARCH 3, 2023

Contact the Law Office of Clark Daniel Dray (debtfreecolorado) if you are thinking about filing for bankruptcy to find a solution and receive thorough responses to all your inquiries that are pertinent to your case. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time.

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Sawin & Shea

MARCH 27, 2024

You can get a free consultation by contacting us online or calling us at (317) 759-1483 , and we’ll review your personal situation. You must complete credit counseling within 180 days of filing your petition, and you’ll need to complete a debtor education course after your Meeting of Creditors. What Is Chapter 7 Bankruptcy?

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Sawin & Shea

FEBRUARY 23, 2022

At the end of your scheduled payments, the remaining balances on unsecured debts such as credit cards, deficiency claims, eviction balances, and medical bells will be discharged. Whatever happens, you must contact your bankruptcy attorney, who will contact your trustee. What happens if you miss a payment in Chapter 13?

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Credit Corp

MAY 3, 2021

Please contact a tax adviser for information you may need to complete your taxes this year. Some canceled debts are treated like income by the IRS. If you receive a 1099-C form, you’ll need to pay taxes on your forgiven debts. You file for bankruptcy with $60,000 in unsecured debts, which are all discharged.

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Credit Corp

MAY 3, 2023

Through the bankruptcy, the debtor restructures and then creates and implements a plan to pay back creditors. to 5 years Debt limitations n/a Combined secured and unsecured debts must be less than $2,750,000 n/a Who Can File for Each Type of Bankruptcy? Typically, this type of bankruptcy is a reorganization of a business.

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BN Lawyers

MARCH 23, 2020

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. Taking additional debt in that situation just dilutes recovery for creditors and opens management up to potential liability.

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