Sawin & Shea

DECEMBER 7, 2022

Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it. This is even more common during the holiday season because people spend a great deal on travel plans, gifts, and food. Secured debts refer to debts with collateral, such as a home or car.

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Roths Child Law

JANUARY 31, 2023

If you are seeking to discharge unsecured debts like medical debts, credit card debts and unsecured loans, then you need to file for Chapter 7 bankruptcy. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.

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Sawin & Shea

AUGUST 24, 2022

The reason why this option is appealing is that it combines both unsecured and secured debts, such as a home loan, into a single repayment plan. A secured debt means that the borrower has collateral on the debt, such as a car lease. If you fail to make your payments, the lender can recover the collateral.

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Sawin & Shea

OCTOBER 27, 2021

In 2021, the Indiana Community Action Association (INCAA) conducted a survey evaluating the current state of debt in Indiana. The INCAA used 22 local agencies to cover different demographics in all 92 Indiana counties to survey a total of 5,882 people. The survey found that 2,769 people out of 5,882 have medical debts.

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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

AUGUST 30, 2023

You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle). Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts. We are here to help.

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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. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Sawin & Shea

MAY 24, 2023

Unlike car and home loans, unsecured debt means that creditors aren’t able to reclaim property if you default. Credit card and medical debt are examples of unsecured debt. But many people don’t know that there is a test to qualify for Indiana Chapter 7 bankruptcy. So let’s get into the details.

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. Many cardholders unable to pay their debt wind up filing for bankruptcy which may be a good answer to big financial problems. Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills.

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Sawin & Shea

JANUARY 4, 2024

The trustee and judge will look at whether you’ve met the three criteria listed above and determine whether your debt itself is fully eligible for this type of discharge. Ineligible types of debt include secured debts, priority debts, and nondischargeable debts.

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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.

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Sawin & Shea

OCTOBER 27, 2021

In 2021, the Indiana Community Action Association (INCAA) conducted a survey evaluating the current state of debt in Indiana. The INCAA used 22 local agencies to cover different demographics in all 92 Indiana counties to survey a total of 5,882 people. The survey found that 2,769 people out of 5,882 have medical debts.

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Chapter 13 bankruptcy Bankruptcy Unsecured Debt Lawyers 52

Albuquerque Law

MAY 19, 2020

Many people might wonder if there is such a thing as too much debt. Could a specific amount of debt prevent them from finding debt relief? The simple answer is no – regardless of how much debt an individual has, they have options to achieve debt relief.

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Sawin & Shea

JULY 15, 2020

A Chapter 13 can help you get caught up on houses and cars, help you hang onto property that might be taken and liquidated in a Chapter 7 case, and help people with debts that are not eligible for a Chapter 7 bankruptcy for one reason or another. In the meantime, they are restricted from hassling and contacting you.

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Debt Guru

JULY 19, 2020

All the while, you feel like you’re no closer to zeroing out your balance on any of those debts. To get out of this frustrating and time-consuming loop, many people opt for consolidation to combine multiple debts into one. The difference is that unsecured debts are not backed by collateral. Don’t jeopardize your home.

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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.

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Debt Free Colorado

DECEMBER 30, 2023

One crucial aspect that often concerns people contemplating bankruptcy is the fate of their retirement savings. Bankruptcy is Not Always Disadvantageous for Your Retirement Savings In today’s economic landscape, unforeseen challenges can lead individuals to consider bankruptcy as a viable option.

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Collection Industry News

MAY 24, 2021

Credit card debt has fallen during the pandemic, with figures from credit bureau Experian showing the average debt dropped from $6,194 in 2019 to $5,313 in 2020. But debt is still a black cloud looming over many households in the U.S, Student loan debt is debt that you can never get rid of in most cases.

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Better Credit Blog

FEBRUARY 11, 2022

National Debt Relief will assess this by asking to see proof of income and expenses, like bank statements and wage slips. The firm can deal only with unsecured debts, including credit card bills. It can’t tackle secured debts like auto loans and mortgages. Business debt. IRS debt and back taxes.

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Sawin & Shea

APRIL 10, 2024

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. Retirement accounts are generally exempt.

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Debt Free Colorado

JANUARY 10, 2022

Bankruptcy wipes out all debts and gives you a fresh start. After filing for bankruptcy, most people may apply for credit cards and auto loans. Most credit card require a security deposit to start an account. You will be required to attend a creditors meeting and answer questions about your debt.

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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 Debts are Discharged in Bankruptcy?

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