What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

If you are struggling with debt and are behind on payments, it’s important to understand what kind of debt you have and how it will be handled should you miss too many payments. However, which type of bankruptcy you file will also depend on what kind of debt you have.

Carrying Debt Negatively Impacts Health of Older Americans: Report

Account Recovery

Traditionally, older … The post Carrying Debt Negatively Impacts Health of Older Americans: Report appeared first on AccountsRecovery.net.

Can you protect your home in a Tennessee Chapter 7 bankruptcy?

Roths Child Law

Those with income low enough to pass the Tennessee means test given their household size may consider Chapter 7 proceedings because they are fast and relatively effective at eliminating unsecured debt.

How Long Will Chapter 13 Delay Foreclosure?

Sawin & Shea

When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home.

Consumer Debt vs. Non Consumer Debt

Sawin & Shea

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. In order to understand the bankruptcy process, here’s what you need to know about consumer debt and non-consumer debt.

How are Medical Bills Treated in Chapter 13 Bankruptcy?

Sawin & Shea

Anyone on social media is bound to have seen numerous posts or crowdfunding pleas from friends or friends of friends who are faced with insurmountable medical debts. Sadly, medical debt is a huge problem in our country, affecting 41% of working-age Americans.

2 types of debt that are included in bankruptcy

Roths Child Law

This gives you the chance to take care of your debts and start fresh. If you file a Chapter 7 bankruptcy, your non-exempt debts are liquidated so creditors can receive some payment for your accounts. How does the court divide debts?

How Much Debt is Needed to File for Bankruptcy?

Sawin & Shea

When facing bankruptcy, many wonder how much debt is needed to file bankruptcy. There is no minimum amount of debt you need in order to file for bankruptcy, but there are other critical factors you need to take into consideration before filing under Chapter 7 or Chapter 13.

Bankruptcy Courts Must Independently Assess Plans

PBWT

In the proceedings below, the debtor filed a Chapter 13 bankruptcy petition, which included unsecured claims totaling $427,103.70. Namely, “§109(e)’s requirement that Debtor’s noncontingent, liquidated, unsecured debt be less than $419,275.00.”

Second Mortgage Lien Stripping With Chapter 13 Bankruptcy

Sawin & Shea

When a court approves the stripping of a lien, after your discharge those lenders can no longer collect debts on that lien or threaten to foreclose on a home for missed payments. When filing under Chapter 13, you can strip liens on real property considered “wholly unsecured.”

How the Chapter 13 bankruptcy repayment plan works

Roths Child Law

When you file for Chapter 13 bankruptcy, you will create a repayment plan for your debts. This is a legal tool that enables you to get out of debt. . It helps you restructure your debts for one monthly or bimonthly payment based on a few factors.

What happens to your credit cards when you file for bankruptcy?

Roths Child Law

Personal debt can slowly accumulate over many years. The benefit of bankruptcy when you have a significant amount of credit card debt is that whatever you owe may be eligible for discharge at the end of the process. It may have started with student loans while you got your degree.

Sixth Circuit Rules that Monthly 401(k) Contributions can be Excluded from “Projected Disposable Income” Under a Chapter 13 Plan

Foster Swift

A Chapter 13 bankruptcy plan requires a debtor to satisfy unsecured debts by paying all “projected disposable income” to unsecured creditors over a five-year period.

Nearly Half of Indiana Facing Medical Debt

Sawin & Shea

Debt is becoming an increasingly serious problem for Indiana residents as well as the rest of the United States. According to surveys conducted by QuoteWizard , almost 80 million Americans have a notable amount of medical debt and 12% of Americans’ income are spent on medical costs.

Second Mortgage Lien Stripping With Chapter 13 Bankruptcy

Sawin & Shea

When a court approves the stripping of a lien, after your discharge those lenders can no longer collect debts on that lien or threaten to foreclose on a home for missed payments. When filing under Chapter 13, you can strip liens on real property considered “wholly unsecured.”

Bankruptcy Courts Must Independently Assess Chapter 13 Plans

PBWT

21, 2021) In the proceedings below, the debtor filed a Chapter 13 bankruptcy petition, which included unsecured claims totaling $427,103.70. Namely, “§109(e)’s requirement that Debtor’s noncontingent, liquidated, unsecured debt be less than $419,275.00.”

How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. Debt consolidation may not save you much money. Another month begins, and your debt balances are going nowhere. Key Takeaways.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Roths Child Law

Are you drowning in debts? The pandemic left many Americans unemployed and without the means to pay off their debts. Both Chapters can help you start anew and discharge your debts, but they work differently. You could also stop your creditors from pursuing you for your debts.

Which type of bankruptcy should you file?

Roths Child Law

On the other hand, if you do not own much, you may consider filing Chapter 7 so you can obtain a debt discharge without losing property. . The nature of your debt. You can only discharge unsecured debts like personal loans or medical bills through bankruptcy.

How long does Chapter 7 bankruptcy stay on credit reports?

Roths Child Law

When a consumer in Tennessee has more debt than they can manage, bankruptcy may be the solution. Consumers commonly choose Chapter 7 bankruptcy, which allows them to erase certain debts, but filing for bankruptcy can impact credit scores.

Will your cancer remission lead to aggressive medical collections?

Roths Child Law

Those costs quickly add up to an insurmountable amount of medical debt. If cancer survivors don't take action to protect themselves financially, they could soon face the stress of a debt collection lawsuit and maybe even a lien against their house.

Chapter 7 Bankruptcy can give you a fresh start

Roths Child Law

Oftentimes, people are embarrassed that their debt has gotten so out of control. Unsecured debts such as credit card bills, medical bills, and large utility bills can be dismissed. . The thought of filing for bankruptcy can be overwhelming.

How to know if you need to file bankruptcy

Roths Child Law

If you're struggling with unsecured debts such as medical bills or credit cards, or you're facing foreclosure after falling behind on mortgage payments, then bankruptcy may be the ideal debt relief option. It's one thing to be burdened by a single bill.

Chapter 7 bankruptcy: Dischargeable vs. nondischargeable debts

Roths Child Law

When you decide to declare bankruptcy, you expect to be relieved of your debts and get your finances in order. Here is more on what you need to know about dischargeable and nondischargeable debt before filing for Chapter 7 bankruptcy. Which debts will you be left with?

Will Bankruptcy Erase ALL of My Debt?

Sawin & Shea

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. Bankruptcy can often eliminate most of or make it easier to pay off your debt—it simply depends on the type of debt you have and the type of bankruptcy you file. How Debt Discharge Works.

Nearly Half of Indiana Facing Medical Debt

Sawin & Shea

Debt is becoming an increasingly serious problem for Indiana residents as well as the rest of the United States. According to surveys conducted by QuoteWizard , almost 80 million Americans have a notable amount of medical debt and 12% of Americans’ income are spent on medical costs.

Utility Bills and Bankruptcy

Sawin & Shea

We understand though, that keeping the lights on and the water running feels more important than paying off credit card debt. Most types of unsecured debt get discharged when you file for Chapter 7.

Utility Bills and Bankruptcy

Sawin & Shea

We understand though, that keeping the lights on and the water running feels more important than paying off credit card debt. Most types of unsecured debt get discharged when you file for Chapter 7.

Bankruptcy Rates in California

Direct Recovery

But it can also be a necessary way to stop digging deeper into debt and start building a way out of whatever financial mess you might find yourself in. Chapter 7 bankruptcy deals exclusively with unsecured debt.

Study Shows Medical Debt Can Affect Your Health

Sawin & Shea

Unfortunately, medical debt is no exception. There are several ways that medical debt can affect your health, and many of them are the same ways that any financial insecurity can affect your health. Having debts can prevent people from meeting other basic needs as well.

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

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 post Consolidating Your Debt? Debt Management

What Are My Repayment Obligations Under Chapter 13 Bankruptcy?

Sawin & Shea

When you’re considering Chapter 13 bankruptcy, you’re also wondering how much of your debt you’d be obligated to pay back. Chapter 13, also known as personal reorganization bankruptcy, helps you create an affordable repayment plan to settle your debts.

Discharge in bankruptcy: What does it mean?

Roths Child Law

It is particularly beneficial for individuals who have a significant amount of unsecured debt, such as credit card balances and medical bills. Creditors will not be able to continue to contact you about these debts. There is more to Chapter 7 bankruptcy than simply completing the paperwork and seeing your debt disappear. In Chapter 7, several different types of debts are eligible for discharge. Making the choice to file for bankruptcy can be complicated.

Graham Stieglitz Discusses Subchapter V Bankruptcy Process for Full-Service Restaurant

Burr Forman

Small business debtors qualifying for Sub V are defined as those engaged in commercial or business activities with the aggregate noncontingent secured and unsecured debts not exceeding $2,725,625, with more than 50 percent of debts required to be from commercial or business activities.

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

Titan Consulting

If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score. Key Takeaways.