Sawin & Shea

AUGUST 2, 2023

Many people ask, when should you file for bankruptcy? Some people may be overwhelmed with credit card debt, especially those who spend more than 20% of their annual net income on credit card bills, have maxed out limits on several cards, and/or can only afford to pay the minimum on credit card bills.

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Sawin & Shea

SEPTEMBER 6, 2023

People file for bankruptcy for any number of reasons, from job loss to unpaid medical bills to an unaffordable mortgage. If you’re considering filing for bankruptcy, you’re not alone; roughly 375,000 people filed for bankruptcy in 2022, and home foreclosure filings rose 115% in 2022 over the number of foreclosures in 2021.

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Sawin & Shea

OCTOBER 11, 2023

People file for bankruptcy for any number of reasons, from job loss, to unpaid medical bills , to sky-high credit card bills. And it’s not an uncommon event either– roughly 375,000 people filed for bankruptcy in 2022 alone. If a debt is secured, it means it is backed up by collateral property.

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Sawin & Shea

AUGUST 24, 2022

Chapter 7 bankruptcy liquidates your assets in order to discharge unsecured debts, such as medical bills and credit card debt. If you’re eligible to file under Chapter 7 and only have unsecured debts, this may be your best course of action. Can I Stop Foreclosure with Chapter 13 Bankruptcy?

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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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Troutman Sanders

APRIL 27, 2023

Noting a rise in credit card delinquencies, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. Bankruptcy is primarily used by people with assets. Twenty times more common in some states than others.

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Roths Child Law

JULY 17, 2023

People are often grateful for the relief provided by the automatic stay that the court grants when they file for bankruptcy. However, the primary purpose of an individual’s bankruptcy process is usually the discharge of someone's eligible unsecured debts.

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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

SEPTEMBER 14, 2022

How Does Consumer and Non-Consumer Debt Impact Your Chapter 7 Bankruptcy Filing? Some people are required to undergo a bankruptcy means test before filing for Chapter 7 bankruptcy. If the amount is over 25% of the unsecured debt, the person qualifies for Chapter 13.

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Debt Free Colorado

JANUARY 20, 2024

It can provide potential relief for individuals overwhelmed by healthcare-related debts. Bankruptcy is a legal process designed to help people overcome financial challenges. Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That includes medical bills.

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Sawin & Shea

AUGUST 31, 2022

Most people have noticed that when one thing goes wrong, several other things invariably follow. Unfortunately, medical debt is no exception. Having debts can prevent people from meeting other basic needs as well. Another way that health behavior can be affected by medical debt is in unhealthy stress-driven behaviors.

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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

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

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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Sawin & Shea

AUGUST 23, 2023

Once the trustee receives these funds, they then pass them on to creditors to put toward your debt. It also can help people who do not qualify for a Chapter 7 and people who need to catch up on things like houses or cars. Which Bankruptcy Clears All Debt? The answer to this isn’t quite this straightforward.

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Roths Child Law

JANUARY 15, 2024

A Chapter 7 bankruptcy is only an option for people who can pass a means test that compares their income with the state median. However, it is the fastest route to the discharge of someone's debts. Chapter 13 filings take significantly longer.

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Roths Child Law

DECEMBER 17, 2021

For many people, the victory lap after beating cancer gets cut short when financial reality comes calling. It allows you to temporarily halt pending lawsuits and potentially discharge unsecured debt, like your medical bills. The only thing that matters is achieving remission or having a scan done that shows they are cancer-free.

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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

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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UK debt collections

NOVEMBER 16, 2023

These issues, coupled with concerns about the economy, and rising prices mean people are cutting their spending back to the bone and looking for any opportunities to save money. This is likely to increase as winter sets in, as people save for Christmas and to make sure they can cover their heating and food costs.”

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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

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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Sawin & Shea

OCTOBER 4, 2023

Mortgage lenders understand that people file for bankruptcy for complex reasons. More than 383,800 people filed for personal bankruptcy in 2022. In addition: 62% of bankruptcies are related to medical debt and collection. 92% of people who file for bankruptcy never file again. Don’t take on any excessive unsecured debt.

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Roths Child Law

MARCH 22, 2022

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. Chapter 7 bankruptcy is also known as the “fresh start” bankruptcy.

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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

SEPTEMBER 20, 2023

Some of the most common reasons that people file for Chapter 7 bankruptcy include debt collection lawsuits, sudden loss of income, medical bills, overwhelming credit card debt, and separation or divorce. Our attorneys know exactly what is a discharged bankruptcy and have helped thousands of people just like you.

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Direct Recovery

AUGUST 27, 2021

You could certainly argue that the state with the largest population should have the most people filing for bankruptcy, but California still posted nearly twice as many bankruptcy filings as some of the next largest states in terms of population. Chapter 7 bankruptcy deals exclusively with unsecured debt.

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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.

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Sawin & Shea

AUGUST 30, 2023

Chapter 13 Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. 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). We are here to help.

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Sawin & Shea

MAY 12, 2021

up to 62% of bankruptcies now include significant medical debt. Many people are turning to medical bankruptcy, which is a bankruptcy that wipes out all bills related to an expensive health situation. If you’re considering bankruptcy to deal with medical debt , here are some important things you should know.

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Sawin & Shea

JULY 28, 2021

per every 1,000 people. Some debts are definitely dischargeable: Medical bills: This is a lifesaver because ? of the people who file for bankruptcy cite medical issues as the main reason. Our attorneys have helped thousands of people just like you get the fresh start they deserve. We are here to help.

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Sawin & Shea

SEPTEMBER 15, 2021

The Social Security Administration sometimes makes the mistake of overpaying people so often that they have a formal procedure to follow when it happens, including forms ready to go when it is discovered. This sounds encouraging unless you are one of the 440,000 people that it happened to. What’s the catch? We are here to help.

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Sawin & Shea

SEPTEMBER 15, 2021

The Social Security Administration sometimes makes the mistake of overpaying people so often that they have a formal procedure to follow when it happens, including forms ready to go when it is discovered. This sounds encouraging, unless you are one of the 440,000 people that it happened to. What’s the catch? 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. Will All of My Debt Get Discharged? Most people keep everything they have in Chapter 7 cases. However, every case is different.

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Debt Guru

AUGUST 30, 2021

Some professionals will helpfully walk you through a debt management program or counsel you about the best way to handle your debt, but scammers will take advantage of you unless you know what to look for. So, when should you seriously consider debt relief? Do-It-Yourself Debt Relief.

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Sawin & Shea

MARCH 9, 2021

in 2020 due to the COVID-19 crisis, it came as a huge relief for millions of people. You’ll be happy to hear that the Consolidated Appropriation Act (CCA), which was passed in December of 2020, included protections for people who are in bankruptcy. When the first stimulus checks were distributed in the U.S.

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Sawin & Shea

JULY 12, 2023

Sadly, many people choose not to file due to shame and embarrassment. The truth is that there’s nothing wrong with declaring bankruptcy, and it’s often the best option for those struggling with overwhelming debt. Chapter 7 is generally what people thing about when they think about bankruptcy, but this method isn’t right for everyone.

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