Remove Foreclosure Remove Government Remove Repossession Remove Unsecured Debt
article thumbnail

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

Debt Free Colorado

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Additionally, not all unsecured debt is dischargeable under Chapter 7. The means test decides who can seek debt relief. The lender protects the borrower against foreclosure. Increased time to repay non-dischargeable debts.

article thumbnail

Should You File for Bankruptcy if a Strong Economy is Just Around the Corner

Titan Consulting

When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? 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 Option.

article thumbnail

10 Common Questions About Bankruptcy

Debt Free Colorado

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off?