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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. If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Collateral guarantees debt repayment.

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What Assets Do You Lose in Chapter 7?

Sawin & Shea

For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC. Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered.

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10 Common Questions About Bankruptcy

Debt Free Colorado

Find Out the 10 Common Questions About Bankruptcy with Colorado Bankruptcy Lawyers. What Debts are Discharged in Bankruptcy? Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged. We recognize that you have many questions and that you want them all answered.