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What Debts Can Bankruptcy Eliminate: Examples of Unsecured Debt

Debt Free Colorado

Chapter 13 creates a 3-5 year payment plan that lets you keep assets, but you need steady income and must owe less than $465,275 in unsecured debt. Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. These loans do not require collateral, so they are considered unsecured.

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What Can I Keep if I File For Chapter 7 Bankruptcy?

Sawin & Shea

This may include: Pension, retirement, or IRA accounts Police and firefighter pension fund Public employee retirement Indiana State Teachers’ Retirement fund benefits These are just a few of the exemptions that Indiana state bankruptcy laws allow you to protect if you are filing for Chapter 7 bankruptcy and facing asset liquidation.