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Is a car repossession looming in your future? Car repossession is one of the many reasons people contact the Indiana bankruptcy attorneys here at Sawin & Shea. Here’s some good news: You don’t have to just give up and allow your car to be repossessed. Bankruptcy Offers a Way to Keep Your Vehicle.
Are you considering bankruptcy? Bankruptcy is a challenging, life-altering experience. . 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. . Advantages of Chapter 7 Bankruptcy.
Bankruptcy Court for the District of Iowa, absent a plan provision providing otherwise, those funds revert to the debtors. In In re McCrorey , the debtors confirmed a chapter 13 plan, which required them to make payments for 60 months and provided no payments to unsecuredcreditors. According to the U.S.
Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.
If you’re struggling with overwhelming debt, you may be wondering if bankruptcy is the right solution for your financial situation. One of the most common questions people have is “How Much Debt is Needed to File for Bankruptcy?” However, that doesn’t mean bankruptcy is the best option for everyone with debt.
They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. If you own a home the consequences of a judgment against you are more significant as judgment creditors can place liens against your home. Coronavirus Car Payment Relief Programs.
Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC.
It can make the difference between being able to work out an arrangement with a landlord or equipment lessors and needing to file for a chapter 11 bankruptcy to save your business. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy.
Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter 13 Bankruptcy Filing?
Missing payments on secured debt causes the creditor to repossess the property as recourse. Some creditors issue bonds, which demand principal and interest payments. Businesses that file for Chapter 11 bankruptcy have all of their affairs (debts, assets, or otherwise) reorganized by a judge. Secured Creditors.
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