Sawin & Shea
NOVEMBER 15, 2023
Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?
Roths Child Law
MARCH 15, 2023
When they can't find a job that offers comparable pay, they may find themselves unable to pay their bills at all in facing foreclosure, repossession or lawsuits from creditors. Even successful professionals typically only have enough money in savings to cover their cost-of-living expenses for a month or two.
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Debt Free Colorado
DECEMBER 9, 2021
Additionally, not all unsecured debt is dischargeable under Chapter 7. The means test decides who can seek debt relief. Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. The lender protects the borrower against foreclosure.
Sawin & Shea
DECEMBER 28, 2023
By stretching out, modifying, or reducing payments, Chapter 13 helps make debt more manageable for financially distressed individuals while allowing them the opportunity to save assets like their homes from foreclosure and cars from repossession. This buys time to catch up if you’ve fallen behind.
Sawin & Shea
JULY 22, 2020
It stops creditors from pestering you and halts repossessions and foreclosures while you work on creating a repayment plan that’s reasonable for you to repay based on your income and assets. In a Chapter 13 you do not have to repay most debts in full. In fact, the U.S. What Is A Chapter 13 Repayment Plan?
Sawin & Shea
SEPTEMBER 14, 2022
For example, if you co-own a house with someone filing Chapter 13 bankruptcy and the house is your primary residence, the automatic stay will protect you from a home foreclosure because it’s considered consumer debt. How Does Consumer and Non-Consumer Debt Impact Your Chapter 7 Bankruptcy Filing?
Sawin & Shea
MARCH 13, 2024
The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.
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