Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Roths Child Law

AUGUST 6, 2021

When faced with insurmountable debts, Chapter 7 bankruptcy can be the best way to regain control over your financial situation. Importantly, Chapter 7 bankruptcy provides an opportunity for a fresh start. Typically, a Chapter 7 bankruptcy case will conclude within six months.

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Sawin & Shea

MARCH 9, 2022

One major benefit of bankruptcy is that, in Chapter 13 cases, you can still keep your home or car after missing payments. After declaring a Chapter 13 bankruptcy, you’ll have three to five years to make up for your missed payments. Will Bankruptcy Eliminate All of My Debts?

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Roths Child Law

AUGUST 14, 2023

Student loans are one of the primary ways graduates build up debt. College students are often also targets of credit card companies, which can lead to all kinds of debts. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food. One common solution to debt is bankruptcy.

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Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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Roths Child Law

JULY 12, 2023

For example, a Chapter 7 to another Chapter 7 bankruptcy typically has an 8-year wait time. Or, a Chapter 7 to a Chapter 13 bankruptcy may require people to wait 4 years. What is liquidation bankruptcy? Liquidation bankruptcy is another name for Chapter 7 bankruptcy.

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Debt Free Colorado

JANUARY 10, 2022

They can file for Chapter 7 if their disposable income is low enough. Advantages and Disadvantages of Bankruptcy Chapter 7. Advantages of Chapter 7 Bankruptcy . Bankruptcy wipes out all debts and gives you a fresh start. Filing a Chapter 7 bankruptcy is not costly.

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Roths Child Law

AUGUST 2, 2024

The debts you can resolve with bankruptcy include: Credit card debt Medical debt Loan debt However, not all forms of debt can be resolved with bankruptcy. For example, student loans, tax claims and child or spousal support may not be resolved through bankruptcy. What type of bankruptcy should you file for?

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Sawin & Shea

JANUARY 12, 2022

They can help you throughout the entire process and even after the bankruptcy has ended when you are trying to get back on your feet. The type of bankruptcy you file will determine how your debts are handled. In Chapter 7 Bankruptcy: While not guaranteed, most debts are often discharged when you file a Chapter 7 bankruptcy.

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Sawin & Shea

SEPTEMBER 28, 2022

For example, if you have been having your wages garnished to pay back a persistent creditor, your employer would be aware that this is no longer necessary since you are in the process of Chapter 7 or Chapter 13 bankruptcy. Will my bankruptcy show up on a pre-employment check?

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Sawin & Shea

JULY 28, 2021

Bankruptcy isn’t rare in the Hoosier state; Indiana has the 7th highest percentage of bankruptcies in the United States, based on population: 22,748 in 2019, or 3.38 Taking that into account, we’ll focus on Chapter 7 Bankruptcy. of the people who file for bankruptcy cite medical issues as the main reason.

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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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Debt Free Colorado

APRIL 9, 2020

Student Loans. You should call your student loan servicers about forbearance, which will temporarily stop or reduce your payments. Unfortunately, you are at the mercy of the lender if you have private student loans as they tend to be much more difficult to work with.

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Debt Free Colorado

NOVEMBER 28, 2024

The two most common types are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy The liquidation process is managed by a trustee who sells non-exempt assets to pay creditors. A key benefit of Chapter 7 bankruptcy is the quick discharge of debts. Cost vs.

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Sawin & Shea

AUGUST 30, 2023

Although businesses can also declare bankruptcy, we will focus on personal bankruptcy in this article. In Chapter 7 Bankruptcy , (sometimes misleadingly described as liquidation bankruptcy), certain debts are discharged within 3-4 months. Most federal student loans. Court fines. Medical bills.

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Sawin & Shea

NOVEMBER 1, 2023

However, while bankruptcy can help, it’s important to understand how the process works, especially concerning your medical debt. At Sawin & Shea, our team of Chapter 7 and Chapter 13 bankruptcy lawyers is here to help. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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Debt Free Colorado

DECEMBER 23, 2024

Some debts stay with you even after bankruptcy. Student loans, child support, recent taxes, and court fines must be paid in full. Debts from fraud also cannot be erased through bankruptcy, and creditors can fight to keep these debts active. When you file for bankruptcy, you enter a legal process.

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Sawin & Shea

AUGUST 23, 2023

Before you decide if bankruptcy is the best option for you, it’s important to understand the two different types of bankruptcy that are available to individuals: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Most Debtors, however keep everything they have.

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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

It provides a way for debtors to either liquidate non-exempt assets (most cases result in a no-asset finding, meaning people keep everything they have) to pay off creditors and eliminate remaining debts (Chapter 7 bankruptcy) or to reorganize their finances and debts into a multi-year repayment plan (Chapter 13 bankruptcy).

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Roths Child Law

AUGUST 23, 2020

Here are a few myths that we want to dispel for you: Filing for bankruptcy will automatically ruin your credit rating and financial status forever. You will not necessarily ruin your entire financial future if you file for Chapter 7 or Chapter 13 bankruptcy. Bankruptcy immediately removes 100% of your debt.

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Debt Free Colorado

MARCH 3, 2023

There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed. Are My Creditors capable of appealing My Bankruptcy?

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Sawin & Shea

NOVEMBER 2, 2022

First, you should know that choosing bankruptcy is a smart, proactive way of lifting the burden of overwhelming debt. Here in the Hoosier state, more than 15,000 people file for bankruptcy in an average year, with about 58% choosing Chapter 7 and 41% choosing Chapter 13 bankruptcy.

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Sawin & Shea

APRIL 3, 2024

Due to the negative perceptions of bankruptcy, many professionals worry about whether bankruptcy affects their ability to retain professional licenses and certifications. How Will Filing Bankruptcy Impact My Professional License? In fact, defaulting may even jeopardize your current license status.

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Sawin & Shea

JANUARY 25, 2022

Common types of unsecured debts include: Credit cards Student loans Personal loans Medical debt Back rent Utility bills Child support. If the unsecured debt is a federal student loan, the Department of Education can garnish up to 15% of your disposable income without filing a lawsuit. Examples of Unsecured Debts.

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Sawin & Shea

JANUARY 4, 2024

Filing for Chapter 13 bankruptcy is a positive step during a challenging time in your life. Instead of fighting with your creditors, you work with them proactively in the bankruptcy process to resolve your debts. In some cases, you may be eligible for a Bankruptcy Hardship Discharge.

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