Sawin & Shea

APRIL 13, 2021

What you will learn from reading this article: Facts about selling your home while going through bankruptcy. Details about Chapter 7 and Chapter 13 Bankruptcies and your house. Chapter 7 Bankruptcy. Chapter 13 Bankruptcy.

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Titan Consulting

AUGUST 23, 2020

You must qualify to file for bankruptcy, and your income must meet an income means test. If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score.

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Credit Corp

NOVEMBER 12, 2020

Myth: Bankruptcy ruins your credit forever—or at least an entire decade. The truth: Bankruptcies are considered public records, which is how they’re reported on your credit. The public record associated with a Chapter 7 bankruptcy will remain on your credit report for as long as 10 years.

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Sawin & Shea

APRIL 6, 2021

Plenty of people file for bankruptcy each year — possibly including your friends and family, even if they didn’t tell you about it. In recent years, just over 750,000 Americans per year have filed for Chapter 7 , Chapter 11, or Chapter 13 bankruptcy. Thinking Employed People Do Not Need Bankruptcy.

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Sawin & Shea

APRIL 17, 2024

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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Sawin & Shea

MAY 26, 2020

I know currently with this current COVID-19 crisis, many car lenders have voluntarily suspended repossessions. The first thing you might want to do is talk to your lender. If you’re far enough behind that your lender won’t work with you, we’ve got some options in bankruptcy. This is voluntary.

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Sawin & Shea

OCTOBER 25, 2023

If you can no longer afford the monthly payments, you can surrender your timeshare when you declare bankruptcy. In this case, the property will go back to the lender. Chapter 7 Timeshare Bankruptcies If you file for Chapter 7 bankruptcy , you might be able to keep your timeshare.

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Sawin & Shea

JULY 19, 2023

Chapter 7 bankruptcy , or liquidation bankruptcy, allows you to discharge all or most of your debt. Under Chapter 7, most people can keep their home and car, if desired, and receive automatic court protection from creditors. Chapter 7 bankruptcy also stops lawsuits and wage garnishments.

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Roths Child Law

OCTOBER 18, 2021

Filing for bankruptcy is a serious decision that can have far-reaching consequences to your life, even years down the line. . As you are likely aware, there are two types of bankruptcy that consumers can choose to file. There's Chapter 7 bankruptcy, which involves the liquidation of some of your assets.

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Sawin & Shea

FEBRUARY 14, 2023

Credit Scores: What Happens When You File for Bankruptcy? When you file for Chapter 7 bankruptcy, you will list all of your debts, non-exempt assets can then be liquidated to pay back your creditors. Most Chapter 7 cases are what is called a “no-asset” case and the debtors keep everything they have.

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Roths Child Law

MAY 13, 2024

Although there are exceptions to this general rule, Chapter 7 might not be the best option for those concerned with foreclosure, although Chapter 13 could potentially provide a more viable solution. However, it does not automatically provide a means to prevent foreclosure in the long term.

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Roths Child Law

JANUARY 23, 2023

The amount of time it will take to get the loan depends on the type of bankruptcy you choose and how long it has been since you filed. Chapter 7 vs. Chapter 13 bankruptcies If you file for Chapter 7 bankruptcy, it will remain on your credit for 10 years.

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Sawin & Shea

APRIL 5, 2023

Filing for Chapter 7 or Chapter 13 bankruptcy is sometimes the best solution for those struggling with overwhelming debt. However, many debtors have questions regarding how filing for bankruptcy impacts child support payments and debts. Does Bankruptcy Clear Child Support?

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Sawin & Shea

APRIL 26, 2023

Even after a law was passed in 2018 to prohibit creditors from reporting liens to credit bureaus , lenders can still search for judgments using public records, making it harder to get a job or a loan. If that’s not possible for you, another option is to avoid it through Chapter 7 or Chapter 13 bankruptcy court.

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Sawin & Shea

JUNE 7, 2023

When a borrower applies for a loan or credit card, the lender will assess their creditworthiness by looking at their income, credit score, and debt-to-income ratio. If the lender is concerned about the borrower’s ability to repay the debt, they may require a co-signer.

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Sawin & Shea

MARCH 13, 2024

It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Sawin & Shea

OCTOBER 4, 2023

One of the most common questions from those who file for Chapter 7 or Chapter 13 bankruptcy is, “Can I buy a house after bankruptcy?” and “After bankruptcy discharge, when can I buy a house?” In short, yes, you will be able to purchase a home after bankruptcy. Read on to learn more.

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Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter 13 bankruptcy options.

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Sawin & Shea

MARCH 6, 2024

You still owe everything you owed before– you just have a new lender to repay. Pros & Cons of Bankruptcy Bankruptcy, like other methods of debt management, has its benefits and drawbacks. A bankruptcy attorney can help you determine the best kind of bankruptcy filing for your circumstances.

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Credit Corp

JANUARY 24, 2024

While there is no minimum requirement, most lenders prefer a credit score of 620 or above. While VA loans are typically easier to get approval for than conventional loans, private lenders still have certain requirements you must meet. VA lenders generally look for a minimum credit score of 620.

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Credit Corp

FEBRUARY 23, 2024

Type of Loan Chapter 7 Chapter 13 Conventional loan 4 years 2 years FHA loan 2 years 1 year USDA loan 3 years 1 year VA loan 2 years 1 year How Long After Chapter 7 Can I Buy a House? Also known as a “liquidation bankruptcy,” Chapter 7 involves selling nonexempt assets to discharge debts.

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Debt Free Colorado

DECEMBER 23, 2024

This means the lender can take no property, like a house or car if you do not pay. Instead, lenders rely on your promise to pay back the money. However, because assets do not secure these debts, bankruptcy may help eliminate them. When you file for bankruptcy, you enter a legal process. What is Unsecured Debt?

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Sawin & Shea

FEBRUARY 2, 2022

We can help you file a Chapter 7 or Chapter 13 bankruptcy, or we can point you in another direction if bankruptcy is not right for you. Bankruptcy also offers legal protection from your creditors in a system with court oversight and built-in consumer protections.

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Sawin & Shea

SEPTEMBER 13, 2023

If you choose bankruptcy, there are also different options depending on whether you choose a Chapter 13 bankruptcy or a Chapter 7 bankruptcy. If you are facing foreclosure or bankruptcy, the best way to determine which choice is right for you is to speak with an experienced bankruptcy attorney.

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Credit Corp

JUNE 14, 2023

Lenders don’t necessarily continue to report activity for the entire limit. Pro tip: If you can’t pay your mortgage due to financial hardship, contact your lender as soon as possible. Hard inquiries occur when you apply for credit, like a new credit card, and your potential lender is evaluating your application.

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Debt Free Colorado

MARCH 10, 2023

The following are some of the most common bankruptcy myths in Littleton, Colorado: Myth #1: Short sales and loan modifications are viable alternatives to bankruptcy. Some people hope to stay out of bankruptcy by selling their homes or requesting a loan modification. Yet, fewer than 10% of these efforts succeed.

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Sawin & Shea

APRIL 12, 2023

There are five different types of bankruptcy filings, but for clarity’s sake, we’ll be emphasizing Chapter 7 and Chapter 13 bankruptcy-related issues as they are two of the most common ways to file. What is the Difference Between Chapter 7 and Chapter 13?

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Sawin & Shea

FEBRUARY 8, 2023

Here are some expert tips for rebuilding your credit and finding the best credit cards after bankruptcy. Rebuilding Your Credit After Bankruptcy Your bankruptcy will remain on your credit score for up to a decade. Bankruptcies can impact your credit, but you can take steps today to rebuild your creditworthiness.

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Debt Free Colorado

MARCH 3, 2023

Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently. Since the effects are severe and long-lasting, bankruptcy is typically seen as the last option for managing debt. Chapter 7 is known as liquidation in bankruptcy legislation.

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Debt Free Colorado

NOVEMBER 2, 2016

How Long Does Bankruptcy Stay on my Credit Report? According to Experian : Chapter 7 bankruptcy will remain on your credit report for 10 years from the filing date. Chapter 13 bankruptcy will cycle off your credit report in 7 years after the filing date. Absolutely. Get a credit-builder loan.

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Credit Corp

MAY 1, 2024

Debt forgiveness is when a lender reduces or eliminates the amount you owe. File for Bankruptcy Bankruptcy is a legal process that allows you to eliminate some or all of your debts. You pass a means test designed to determine if an individual is abusing the bankruptcy system. What Is Debt Forgiveness?

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Sawin & Shea

APRIL 19, 2023

Lenders rarely check your credit, which means you can get a payday loan even if your credit is subpar. If the lender reports the default to your credit company, it can lower your credit score. There are two kinds of bankruptcy, both of which can be helpful if your payday loan debt has spiraled out of control.

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Sawin & Shea

JULY 13, 2022

As a result, the majority of debtors who file for Chapter 7 bankruptcy do not get their college loans dismissed. How do bankruptcy courts handle private student loans, however? Are private student loans treated differently by bankruptcy courts?

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Better Credit Blog

JANUARY 11, 2022

There are several different types of bankruptcies, but the majority of individuals can only file for Chapter 7, which is also known as liquidation bankruptcy, and Chapter 13 bankruptcy, which is also known as the wage earner’s plan. How Much Does It Cost To File For Bankruptcy?

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Albuquerque Law

MAY 6, 2020

How to know which kind you need Bankruptcy is an issue that had a lot of negative social stigma attached to it; however, nowadays, many people understand that they can use bankruptcy to resolve unpaid debt and lay the groundwork for a stronger financial future. Your lenders must agree to the alternative payment plans.

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Sawin & Shea

NOVEMBER 15, 2023

What’s the Difference Between Chapter 7 and Chapter 13? Put simply, Chapter 7 is a liquidation while Chapter 13 is about reorganization. In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets.

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