Sawin & Shea

SEPTEMBER 14, 2022

If the amount is over 25% of the unsecured debt, the person qualifies for Chapter 13. If the amount is 25% or less than the person’s unsecured debts, the person filing can choose either Chapter 7 or Chapter 13. The post Consumer Debt vs.

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Sawin & Shea

MAY 12, 2021

Generally speaking, you can use either Chapter 7 or Chapter 13 bankruptcy to accomplish the goal of erasing medical debt. Most medical debt is eligible for discharge in bankruptcy because it’s unsecured debt – debt that’s not secured by something tangible like a vehicle or house.

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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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Sawin & Shea

DECEMBER 28, 2023

The money repaid goes primarily toward important priority debts like mortgages, car loans, taxes, and support obligations first. The remainder pays off a fraction of lower-priority debts such as credit cards, medical bills, and utilities. Ultimately, balances on most types of unsecured debts are discharged at the end of a plan.

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Sawin & Shea

AUGUST 2, 2023

Chapter 7 Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and includes rules to protect assets that are classified as exempt at the time you file. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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Sawin & Shea

OCTOBER 11, 2023

It is important to understand that in either form of bankruptcy (Chapter 7 or Chapter 13), there are types of debt that cannot be discharged even after filing for bankruptcy. In broad terms, bankruptcy law differentiates between consumer-related debt as well as secured vs. unsecured debt.

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Sawin & Shea

OCTOBER 26, 2022

In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Credit card debts. Unlike unsecured personal loans, secured loans involve some form of collateral that the lender can repossess if the borrower fails to make payments. Repossession deficiency claims.

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Sawin & Shea

FEBRUARY 28, 2024

The Chapter 13 plan reorganizes your various debts, including personal loans, into a monthly payment plan that lasts three to five years after your filing date. Unlike Chapter 7 , you’ll pay part of the money you owe on unsecured debts, but most Chapter 13 payment plans reduce the total amount you’ll need to pay.

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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. Chapter 7 looks at assets that you owned at the time you filed.

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Sawin & Shea

MARCH 27, 2024

You’re not required to have legal representation in the meeting, but it’s best to have a bankruptcy lawyer to support and assist you. After completing your required courses and undergoing the liquidation process, you’ll be able to discharge certain debts. Will My Bankruptcy Filing Impact My Current Employment?

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Sawin & Shea

MARCH 13, 2024

Once you prepare all necessary forms and complete credit counseling, you or your lawyer will file your bankruptcy petition. You are required to complete this course within 45 days of your 341 meeting to discharge your debt. Common types of dischargeable debts include credit card debt , personal loans, and unpaid medical bills.

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Burr Forman

SEPTEMBER 30, 2020

Atlanta Partner Erin Hewitt has been recognized as an “agent of change” in the American Lawyer Media publication of Georgia Trailblazers for 2020. Erin has experience in all aspects of complex secured and unsecured debt financings, corporate mergers & acquisitions, and various sophisticated real estate transactions.

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Credit Corp

MAY 3, 2023

It’s typically a good idea to consult an experienced bankruptcy lawyer before you file a bankruptcy petition. Definitely talk to your bankruptcy lawyer about which property you want to keep and whether it’s possible. So, talk to a lawyer and get the information you need to make the best decision in your case.

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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. For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC.

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Sawin & Shea

FEBRUARY 23, 2022

At the end of your scheduled payments, the remaining balances on unsecured debts such as credit cards, deficiency claims, eviction balances, and medical bells will be discharged. Our lawyers have years of experience assisting Indiana residents through the bankruptcy process.

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Sawin & Shea

OCTOBER 20, 2021

If you are applying for bankruptcy to have the same debts discharged that were denied a discharge in the first case, you likely won’t be eligible to discharge unsecured debts that were or could have been listed in Chapter 7. Your only option to deal with those debts in bankruptcy is to file a Chapter 13.

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Sawin & Shea

OCTOBER 20, 2021

If you are applying for bankruptcy to have the same debts discharged that were denied a discharge in the first case, you likely won’t be eligible to discharge unsecured debts that were or could have been listed in Chapter 7. Your only option to deal with those debts in bankruptcy is to file a Chapter 13.

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BN Lawyers

MARCH 23, 2020

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. WHEN SHOULD I TALK TO A LAWYER? A lawyer could help at any stage, including the legal aspects of your business plan.

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Debt Free Colorado

MARCH 3, 2023

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.

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BN Lawyers

SEPTEMBER 30, 2019

Additionally, hundreds of adversary proceedings have been filed, or will be, by various Trustees and Committees charged with pursuing the return of potentially billions of dollars to the Commonwealth for the benefit of creditors.

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Debt Free Colorado

DECEMBER 9, 2021

Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. Additionally, not all unsecured debt is dischargeable under Chapter 7. The means test decides who can seek debt relief.

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Sawin & Shea

DECEMBER 7, 2022

With Chapter 7 bankruptcy , you reaffirm your secured debts while discharging unsecured debts. Secured debts refer to debts with collateral, such as a home or car. Most of the time, Chapter 7 filers are able to reaffirm their mortgages as long as they are not behind on payments. .

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Collection Industry News

SEPTEMBER 29, 2020

First, the total amount of secured plus unsecured debt may not exceed $7.5 million, counting only noncontingent, liquidated, and non-insider debt. Second, at least half of the debt that is counted must have arisen from the debtor’s “commercial or business activities.”. To qualify, businesses must meet two criteria.

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