Sawin & Shea

MAY 5, 2021

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. These are categorized as priority unsecured debts. #7. Or contact us online.

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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. Contact Indianapolis Bankruptcy Attorneys.

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Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce. This can also simplify the divorce process because you won’t have to divide your unsecured debts when going through dissolution proceedings.

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Sawin & Shea

JULY 15, 2020

Chapter 13, also known as personal reorganization bankruptcy, helps you create an affordable repayment plan to settle your debts. You won’t have to repay all of your debts in full but your plan will satisfy your creditors one way or another. In the meantime, they are restricted from hassling and contacting you.

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Debt Free Colorado

DECEMBER 9, 2021

Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts. Chapter 7 (Liquidation).

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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. Contact Indiana Bankruptcy Attorneys.

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Sawin & Shea

APRIL 17, 2024

If you have additional questions regarding Chapter 13 or Chapter 7 bankruptcy, contact the attorneys at Sawin & Shea, LLC. The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets. What Is a Chapter 13 Bankruptcy Filing?

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Sawin & Shea

AUGUST 2, 2023

When you file for bankruptcy, the law immediately puts into place protections, including one that forbids creditors from contacting you in any way. Unsecured debt includes things like credit card debt, medical debt, and personal loans. When Should I Contact an Attorney?

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Sawin & Shea

JANUARY 4, 2024

An ineligible priority debt could be child support or alimony payments owed, which can’t be discharged despite the hardship in your life. A student loan is an example of a nondischargeable debt under federal law. Potentially eligible types of debt include unsecured debts, non-priority debts, and dischargeable debts.

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Sawin & Shea

AUGUST 30, 2023

In Chapter 7 Bankruptcy , (sometimes misleadingly described as liquidation bankruptcy), certain debts are discharged within 3-4 months. This will immediately stop your creditors from being able to contact you to demand payment. Chapter 13 Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan.

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Sawin & Shea

OCTOBER 27, 2021

Indiana residents also struggle heavily with medical costs with an estimated 47% of Hoosiers having medical debts. If you’re struggling with medical debts, we encourage you to contact medical bill lawyers to go over options to make your medical debt more manageable. Indiana’s Medical Debt. Bankruptcy Code.

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Qualco

APRIL 15, 2024

Digital finance expansion has simplified access to financial resources, streamlining the application and approval processes, thus making these unsecured loans highly attractive.

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Titan Consulting

SEPTEMBER 2, 2020

However, the long-term interest charged at the end of the promotional period could be as high as the existing debt, limiting its usefulness. HELOC ( home equity line of credit ) will convert unsecured debts into a secured loan using your home as collateral. What impact does debt consolidation have on my credit score?

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. What types of debts can I lump together in a DMP? Secured debts, like your mortgage or car payments, aren’t covered.

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Sawin & Shea

NOVEMBER 17, 2021

In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans. Most types of unsecured debt get discharged when you file for Chapter 7. How Are Utility Bills Handled in Chapter 13 Bankruptcy?

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Sawin & Shea

NOVEMBER 17, 2021

In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans. Most types of unsecured debt get discharged when you file for Chapter 7. How Are Utility Bills Handled in Chapter 13 Bankruptcy?

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Sawin & Shea

AUGUST 23, 2023

If you’re looking for immediate debt relief and you’re hoping to immediately begin building back your good credit, Chapter 7 would be the best fit for you and your goals. However, you’ll probably find it isn’t nearly as overwhelming as the debt you’re sitting under. The post Does Filing for Bankruptcy Eliminate Debt?

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Sawin & Shea

JANUARY 12, 2022

Debts That Can Be Eliminated. When you file for bankruptcy, most unsecured debts will be eligible for discharge. Some unsecured debts may still be a challenge to get eliminated, but there is no hard rule that says they are not eligible like the debts listed above.

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Sawin & Shea

JULY 22, 2020

Debts like credit card bills and medical bills often can be eliminated after receiving just cents on the dollar, giving you some breathing room so you can become financially stable. A Chapter 13 plan can eliminate most unsecured debts and loans so you can take care of your crucial monthly costs like your mortgage, car payment and utilities.

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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. Contact an Indiana Bankruptcy Attorney. For seasoned bankruptcy attorneys in Indiana, contact Sawin & Shea, LLC.

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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

AUGUST 31, 2022

The ramifications of this kind of cycle of debt can be serious for your long-term financial health as well as your short and long-term physical and mental health. Filing for Chapter 7 bankruptcy can discharge (get rid of) medical debts as well as other unsecured debts as long as you have a low enough income to qualify for it.

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Roths Child Law

JULY 26, 2020

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. In Chapter 7, several different types of debts are eligible for discharge.

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Sawin & Shea

JULY 12, 2023

To qualify for Chapter 7 , you’ll need to pass the income based “means test,” which evaluates whether you have enough disposable income to pay off some of your unsecured debts over five years. If you successfully complete your three-to-five-year repayment plan, you’ll be able to discharge any remaining eligible debts.

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Sawin & Shea

SEPTEMBER 15, 2021

If you are still receiving payments and are not able to repay the entire amount, you will be presented with several options: The SSA could withhold the overpayment at the rate of the lesser of 10 percent or the entire monthly payment– you can contact them and negotiate an amount that you can afford each month. What’s the catch?

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Sawin & Shea

SEPTEMBER 15, 2021

If you are still receiving payments and are not able to repay the entire amount, you will be presented with several options: The SSA could withhold the overpayment at the rate of the lesser of 10 percent or the entire monthly payment– you can contact them and negotiate an amount that you can afford each month. What’s the catch?

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Titan Consulting

AUGUST 23, 2020

Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. Contact creditors for payment deferrals: Due to the scale of economic shutdowns most lenders have established programs to help borrowers. Frequently Asked Questions.

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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

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. Questions About Bankruptcy?

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Sawin & Shea

OCTOBER 4, 2023

Don’t take on any excessive unsecured debt. Contact us at 317-759-1483 or send us an email for a free consultation today! Make sure the card that you apply for reports to credit reporting agencies. Once you open it, make your payments on time every month. Get pre-approved for a mortgage to show the buyer you are prepared.

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Taurus Collect

NOVEMBER 15, 2023

As a debtor, you have the following rights: Right to Privacy: Debt collectors are not allowed to share information about your debts with anyone else except your attorney or the original creditor. They are also prohibited from contacting you at work once you’ve informed them that your employer disapproves.

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Sawin & Shea

JULY 27, 2022

To fully understand how this works, it helps to understand the basics of credit card debt when you are filing for bankruptcy, which we will dive into below. Understanding Credit Card Debt and Bankruptcy. Most people file for bankruptcy in the hopes of having their debts that they are struggling to pay discharged.

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Sawin & Shea

MARCH 7, 2023

Will All of My Debt Get Discharged? When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge. 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

MARCH 27, 2024

You can get a free consultation by contacting us online or calling us at (317) 759-1483 , and we’ll review your personal situation. After completing your required courses and undergoing the liquidation process, you’ll be able to discharge certain debts. What Is Chapter 7 Bankruptcy?

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Sawin & Shea

SEPTEMBER 20, 2023

There is a special unlimited exemption available for married couples holding real estate as tenants by the entirety as long as there is no joint unsecured debt. Speak to a bankruptcy attorney today at (317) 759-1483 or contact us online. We are here to help. The post Can I Keep My Home in a Chapter 7 Bankruptcy?

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Sawin & Shea

MARCH 9, 2021

Imagine that you have $25,000 worth of old debt you’ve been trying to pay off for years, but are making very little progress. This is a common scenario because the average American has $90,000 in total debt , about $20,000 of which is unsecured debt like medical bills and credit card debt.

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Sawin & Shea

SEPTEMBER 29, 2021

This discharge stops any future collection of dischargeable debts. Credit cards, in almost every case, are dischargeable debts. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt. Exceptions to Discharging Credit Card Debt in Bankruptcy.

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