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When filing Chapter 7 or Chapter13bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter13bankruptcy, consider enlisting the help of skilled bankruptcy attorneys. What is Consumer Debt?
Filing for Chapter13bankruptcy can help you improve your financial situation. Unfortunately, not everyone filing Chapter13 will complete the repayment process. Unfortunately, not everyone filing Chapter13 will complete the repayment process.
A variety of factors determine whether or not you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter13bankruptcy. Unsecured loans are loans that don’t have collateral. Repossession deficiency claims.
Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts. Secured debts refer to debts with collateral, like house payments and car payments.
If you have any questions and are considering if a Chapter 7 or Chapter13bankruptcy is the right choice for you, our team at Sawin & Shea can help. We have years of experience handling bankruptcy cases and are dedicated to helping our clients achieve the best possible outcome.
If you’re not sure whether some of your purchases are considered “luxury,” consult with a Chapter 7 or Chapter13bankruptcy attorney. If you make a luxury purchase of over $600 within 90 days of filing for bankruptcy, creditors will request for the bankruptcy court to not discharge the debt.
Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter13 and Chapter 7. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter13bankruptcy.
What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. Unsecured debts are not backed by collateral, such as car payments and home mortgages. What Happens After You File Chapter 7 Bankruptcy?
Chapter13bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter13bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter13Bankruptcy Filing?
A variety of factors determine if you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter13bankruptcy. Unsecured loans don’t have collateral.
Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt. There is a Chapter13 Plan that controls how various debts are treated.
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 Chapter13bankruptcy options.
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. You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited.
Mortgages are treated as secured loans because they are attached to the home as collateral. However, if you stop making payments on your mortgage, the creditor is within their rights to repossess the home and put it up for sale to recover the deficiencies. Bankruptcy is a legal tool that you can use to get a fresh start in life.
The guarantor may be required to provide collateral or security to the lender to reduce the risk of the loan. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.
Chapter13bankruptcy sets up a 3-5 year repayment plan to pay back a portion of what you owe. The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision.
Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter13Bankruptcy petition in the Bankruptcy Court for the District of New Jersey.
Do Bankruptcies Come in Different Types? There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter13bankruptcy are the two types of bankruptcy that are most frequently filed.
In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. That means that you must continue to pay on most secured debts to keep or hold onto the collateral. This is what is called a “surrender” under bankruptcy law.
Although the process takes much longer than Chapter 7, you’ll receive an immediate automatic stay, meaning that your creditors can’t take action against you, such as repossessingcollateral and garnishing your wages. Get a FREE consultation today by calling 317-759-1483, or you can schedule your consultation online here.
Key information needed includes the applicant’s Social Security Number, business name (if applicable), chosen bankruptcychapter, filing fee payment method, past bankruptcy filings, home rental status, ownership of hazardous property, and completion of a credit counseling course.
However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter13. Secured debts are a type of debt backed by an asset that is used as collateral. What is Secured Debt? What is Unsecured Debt?
Bankruptcy Filing and Preference Payments When a debtor decides that the best way forward is filing bankruptcy, that’s not a decision that is undertaken lightly. To determine the best way to proceed, and whether Chapter 7 or Chapter13bankruptcy are right for you, you should meet with an experienced bankruptcy lawyer.
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