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. This is likely to increase as winter sets in, as people save for Christmas and to make sure they can cover their heating and food costs.”

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Bankruptcy Debtor Unsecured Debt Repossession 59

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

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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Debt Free Colorado

DECEMBER 9, 2021

If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Most people filing for either Chapter 7 or 13 bankruptcy will work directly with an attorney to determine the best option for each financial circumstance.

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Sawin & Shea

APRIL 17, 2024

The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Sawin & Shea

APRIL 12, 2023

Many people are fortunate enough to have family or friends who are willing to help them in times of financial instability. In fact, doing so could actually hurt the people that trusted you would repay them. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

DECEMBER 7, 2022

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. With Chapter 7 bankruptcy , you reaffirm your secured debts while discharging unsecured debts.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Creditors 98

Debt Free Colorado

DECEMBER 30, 2023

One crucial aspect that often concerns people contemplating bankruptcy is the fate of their retirement savings. 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. Colorado allows debtors to exempt their 401(k) plans.

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Sawin & Shea

MARCH 7, 2023

Most Chapter 7 cases are what we call “no-asset” cases and people keep everything they have. In general, the entire process from filing to discharge of debts takes about three to four months. Will All of My Debt Get Discharged? Most people keep everything they have in Chapter 7 cases. However, every case is different.

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Sawin & Shea

JULY 12, 2023

Sadly, many people choose not to file due to shame and embarrassment. The truth is that there’s nothing wrong with declaring bankruptcy, and it’s often the best option for those struggling with overwhelming debt. Chapter 7 is generally what people thing about when they think about bankruptcy, but this method isn’t right for everyone.

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Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Creditors 52

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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Debt Free Colorado

MARCH 3, 2023

Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently. Since the effects are severe and long-lasting, bankruptcy is typically seen as the last option for managing debt. ” What is Bankruptcy?

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Credit Corp

MAY 3, 2023

“Insolvent” is simply a financial state where you can’t pay your bills—usually because your debts outpace your income. People can end up in this situation for a number of reasons. In other cases, people have unplanned expenses such as medical bills that can put them over the edge financially. Yes Yes Yes Can businesses file?

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Sawin & Shea

FEBRUARY 23, 2022

However, many people who file for Chapter 13 Bankruptcy do so either because they don’t qualify for a Chapter 7 Bankruptcy or because they want to keep their house from being foreclosed upon and their car from being repossessed. There are a lot of reasons why a Chapter 13 might be the best choice for a person. 1307(c).”.

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Sawin & Shea

MARCH 27, 2024

The sad reality is that many people hold misconceptions regarding bankruptcy filers. 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. So, what happens if I get a job after filing Chapter 7?

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Creditors 52

Debt RR

AUGUST 3, 2020

State tax agencies, however, might still need to obtain a Writ of Garnishment and have a bank levy placed on the debtor. While there might be property debt situations that warrant garnishment, it’s more often used for unsecured debt, or debt that isn’t backed by any collateral.

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BN Lawyers

MARCH 23, 2020

This helps employees by allowing them to seek unemployment and other public benefits while compensating the people who continue to work. 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.

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