Sawin & Shea

NOVEMBER 1, 2023

Your medical bills are considered “unsecured debts” which means there is no property that can be taken from you under contract as a result of not paying your medical bills — and most unsecured debts, like medical bills, are eligible for bankruptcy. Simply put, yes, you can file bankruptcy on your medical bills.

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Roths Child Law

JANUARY 15, 2021

Consumers commonly choose Chapter 7 bankruptcy, which allows them to erase certain debts, but filing for bankruptcy can impact credit scores. Chapter 7 bankruptcy gets rid of debt more quickly than other types of bankruptcy through the liquidation of non-exempt assets. Chapter 7 bankruptcy and credit scores. Rebuilding credit.

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Chapter 7 bankruptcy Bankruptcy Unsecured Debt Debtor 97

Roths Child Law

JUNE 17, 2021

Debtors with multiple delinquent accounts don't often have the luxury of negotiating balances. Situations such as these may call for debtors to file bankruptcy. Bankruptcy Court conditions its decision about whether to let a debtor file Chapter 7 bankruptcy on whether they pass their means test. Disability payments.

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Sawin & Shea

MAY 5, 2021

Negotiating: A hospital or doctor’s office may be willing to allow you to make payments without interest. Working with the billing department: Ask for a lowered bill — hospitals will sometimes lower bill amounts when you ask for an itemized bill and show a willingness to pay what you can afford on a payment plan.

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PBWT

SEPTEMBER 30, 2021

PERRY, Debtor. 21, 2021) In the proceedings below, the debtor filed a Chapter 13 bankruptcy petition, which included unsecured claims totaling $427,103.70. The debtor's petition also included a $2,000 per month expense for an “RV payment.” In re: BRUCE D. KRISTA PREUSS, Standing Chapter 13 Tr.,

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Sawin & Shea

FEBRUARY 23, 2022

If you are in the Chapter 13 Bankruptcy process, you have a three-to-five-year reorganization payment plan. This plan will allow for one monthly payment to wrap up most types of debt and will provide you with automatic court protection from your creditors. What happens if you miss a payment in Chapter 13?

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Sawin & Shea

AUGUST 23, 2023

Chapter 7 is also known as the “liquidation bankruptcy” because it allows individuals to liquidate all non-exempt assets to help pay off their debt. Most Debtors, however keep everything they have. With Chapter 13, your debt would be restructured and you would make a monthly payment to a bankruptcy trustee.

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Sawin & Shea

APRIL 17, 2024

Overwhelming debt can impair your credit reports from the major credit bureaus — Equifax, Experian, and TransUnion. This is especially the case if you’re behind on your credit payments. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.

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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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Roths Child Law

JANUARY 13, 2022

The pandemic left many Americans unemployed and without the means to pay off their debts. However, you can get rid of the financial and emotional pressure of being a debtor by filing for Chapter 7 or Chapter 13 bankruptcy. Both Chapters can help you start anew and discharge your debts, but they work differently.

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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.

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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. It supports detailed case management with both automated and manual worklists for various needs, from payment arrangements to handling exceptions.

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Debt Free Colorado

DECEMBER 9, 2021

Your budget determines your monthly payment. It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 bankruptcy is appropriate for unsecured debtors. Chapter 7 is a disaster when it comes to secured debt. . The means test decides who can seek debt relief.

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Sawin & Shea

APRIL 12, 2023

In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Unsecured debt includes things like credit card debt, medical debt, and personal loans. Who Is an Insider? What Happens When a Loan Repayment is Deemed Preferential?

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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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Sawin & Shea

APRIL 10, 2024

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. What Is Chapter 7 Bankruptcy?

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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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Sawin & Shea

AUGUST 2, 2023

Some people may be overwhelmed with credit card debt, especially those who spend more than 20% of their annual net income on credit card bills, have maxed out limits on several cards, and/or can only afford to pay the minimum on credit card bills. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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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. Personal insolvency is when an individual has failed to meet the repayments on their personal debts. Bankruptcies were 28% higher than in October 2022.

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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. If you’re feeling buried under the weight of multiple debts, a DMP might be the solution to escape the crush.

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Sawin & Shea

MARCH 7, 2023

Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts. When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property.

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Roths Child Law

JUNE 17, 2021

Debtors with multiple delinquent accounts don't often have the luxury of negotiating balances. Situations such as these may call for debtors to file bankruptcy. Bankruptcy Court conditions its decision about whether to let a debtor file Chapter 7 bankruptcy on whether they pass their means test. Disability payments.

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Debt Free Colorado

DECEMBER 30, 2023

Chapter 13 Bankruptcy In Chapter 13 bankruptcy, which involves a structured repayment plan over a specified period, debtors are not required to liquidate their assets. IRAs are generally protected in Chapter 13, allowing debtors to maintain their retirement savings while addressing their financial obligations.

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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. Auto lenders could also waive payments for those impacted by COVID-19.

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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.

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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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Credit Corp

MAY 3, 2021

NOTE: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to May 17, 2021. Some canceled debts are treated like income by the IRS. Debt is considered canceled when it’s forgiven or discharged even though you didn’t pay it back as agreed. Learn More.

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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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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. The company negotiates with your creditors to reduce your monthly payments and spread them over a longer period.

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Collection Industry News

DECEMBER 21, 2020

Under the CBRA, consumer debtors will still be examined at 341 meetings, but those meetings can be conducted remotely. Instead, the CBRA looks only to whether consumers have funds to make a “minimum payment obligation” based on the value of their non-exempt assets and their annual income.

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PBWT

FEBRUARY 7, 2021

Debtor Fred Jay Bressler, M.D. Two mortgage companies held more than $800,000 in secured claims, and 33 creditors had unsecured claims totaling about $1.1 The plan proposed to pay unsecured creditors $300,000 over five years and to make regular mortgage payments to the secured creditors. In re Fred Bressler , No.

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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. You may also be able to keep your home, a car, and other items, even if you owe money on them, if you can continue to make timely payments on those debts. The plan must be approved by a Trustee appointed by the court.

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ABI

JANUARY 10, 2020

In In re Hamilton-Gaertner , a North Carolina Bankruptcy Court found that the debtor’s proposed Chapter 11 plan satisfied the good faith requirement of section 1129(a)(3) of the Bankruptcy Code, despite certain expenses typically indicative of bad faith. [1] 1] The debtor was a physician who earned approximately $400,000 per year. [2]

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Collection Industry News

SEPTEMBER 29, 2020

Key to the calculation of “disposable income” is the minimum payment is after subtracting all of the business’s reasonable expenses, including the owner’s salary, and also may potentially include a contingency reserve in appropriate circumstances. First, the total amount of secured plus unsecured debt may not exceed $7.5

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Debt RR

AUGUST 3, 2020

Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. State tax agencies, however, might still need to obtain a Writ of Garnishment and have a bank levy placed on the debtor.

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Debt RR

DECEMBER 13, 2019

Businesses restructuring debt typically do so because they’re having trouble meeting obligations, and it goes both ways. Many businesses are both debtors and creditors. That’s why it behooves everyone to understand debt restructuring. Some creditors will accept equity and/or other concessions in exchange for debt forgiveness.

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BN Lawyers

MARCH 23, 2020

A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy. To the extent possible, payments to creditors should be delayed while negotiations are ongoing. Prioritize Payments. But these are not normal circumstances.

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