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Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

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?

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Indiana Increased Bankruptcy Exemptions in 2022. Here’s How it Affects You.

Sawin & Shea

Indiana allows debtors to exempt assets when filing for bankruptcy up to a certain monetary amount, and that amount recently increased. When filing, you are allowed to exempt a portion of your home’s equity, tangible personal property, and intangible personal property. What Are Bankruptcy Exemptions?

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What Is Nonexempt Property In Bankruptcy, And Why Does It Matter?

Debt Free Colorado

They will sell them and use the revenues to pay for the bankruptcy’s fees , charges, and expenditures before paying creditors. The Trustee confiscates your bank and savings accounts when the bankruptcy order is issued. If the account is in credit, the amount is a bankruptcy asset. personal injury compensation.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed. If an agreement cannot be reached between the debtor and the debt collector, the lender will likely file a lawsuit against you. With unsecured debt, there is no lien or security interest agreed upon. Examples of Unsecured Debts.

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter 13 bankruptcy options. Credit card balances, personal loans, and other unsecured debts can quickly spiral out of control, especially when combined with secured debts like a car loan or mortgage.