Sawin & Shea

MARCH 6, 2024

Creditors do not have to participate. If the creditor tires of waiting for payments they can pursue legal remedies like lawsuits. Your credit also continues to get damaged while you are in the program as you miss monthly payments to the creditors. The issue with these programs is that they are voluntary.

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Credit Corp

MAY 3, 2023

In This Piece Understand the Types of Bankruptcy How Do You Know Which Bankruptcy Type is Right for You? What Is Chapter 11 Bankruptcy? What Is Chapter 7 Bankruptcy? What Is Chapter 13 Bankruptcy? Should You File for Bankruptcy? What Is Chapter 7 Bankruptcy?

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Sawin & Shea

APRIL 26, 2023

The judgment lien definition is that if you owe a creditor money and don’t pay, they can sue you for the balance. If the court rules in their favor, the creditor can file a judgment lien against you, which means that the court has permitted them to forcefully collect that debt from you. What Is a Judgment Lien?

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Sawin & Shea

MAY 10, 2023

You can keep your home and car and will receive automatic court protection from creditors. Chapter 7 bankruptcy also stops lawsuits and garnishments. Chapter 13 bankruptcy , or reorganization bankruptcy, stops repossessions and foreclosures to save your home or investment.

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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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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. Student loans are also difficult but not impossible to discharge in bankruptcy. How Much Debt Is Enough?

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Sawin & Shea

JUNE 16, 2021

Chapter 7 bankruptcy: In this type of bankruptcy, your non-exempt assets (if any) have been liquidated to pay off a percentage of your debts. Pros: Because you are no longer overwhelmed with creditors and debts, you may be able to save money for secured loans or secured credit cards. More on both of those below.).

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Sawin & Shea

FEBRUARY 7, 2024

If you’re considering filing for Chapter 7 or Chapter 13 bankruptcy , you need to know how much you should expect to pay for filing fees and other necessary expenses. You may also wonder whether you can file bankruptcy, no money down. Fortunately, filing for bankruptcy places an automatic stay on your assets.

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Sawin & Shea

JULY 12, 2023

Both forms of bankruptcy provide an automatic stay, which is a legal order that protects you from creditors. Once you’ve filed your bankruptcy petition, creditors will no longer be able to take any action to collect debts against you. That’s why Chapter 7 is commonly known as “liquidation bankruptcy.”

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Sawin & Shea

MARCH 20, 2024

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. A bankruptcy attorney helps someone clarify and organize their finances while getting most types of debt discharged.

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Sawin & Shea

JANUARY 18, 2023

In that case, the bankruptcy court will recommend that you declare Chapter 13 bankruptcy , which consolidates your debts into a three-to-five-year repayment plan. You’ll also need to supply the bankruptcy court with a list of creditors, an income statement, and copies of your tax records.

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Roths Child Law

JANUARY 31, 2023

You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. If these options are not possible, you may consider filing for bankruptcy. No matter how you handle it, bankruptcy can have a lasting impact on your life. It is important that you understand how these types of bankruptcies differ.

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Sawin & Shea

JUNE 7, 2023

Cosigner Responsibilities: Bankruptcy and Debt Collection If a primary borrower declares bankruptcy, the co-signer associated with the debt may be responsible to pay back creditors, but this will depend on the type of bankruptcy that the primary debtor filed.

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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. Debt management programs are run by credit counseling agencies that handle negotiations with your creditors to create new terms. Debt Settlement.

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Sawin & Shea

OCTOBER 20, 2021

However, for some, debts are often so unmanageable and add up over time that two consecutive bankruptcy filings might be necessary. You should only file for successive bankruptcies if truly necessary and with the full intention of following through on the process. Filing Again After Chapter 13 Bankruptcy.

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Sawin & Shea

OCTOBER 20, 2021

However, for some, debts are often so unmanageable and add up over time that two consecutive bankruptcy filings might be necessary. You should only file for successive bankruptcies if truly necessary and with the full intention of following through on the process. Filing Again After Chapter 13 Bankruptcy.

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Sawin & Shea

AUGUST 18, 2021

With current employers: In a Chapter 13 bankruptcy, your employer may or may not know, In some cases, payments will be automatically deducted from your paycheck as part of your bankruptcy repayment plan. Your bankruptcy attorney will have to notice your employer after filing in order for the garnishment to stop.

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Sawin & Shea

MAY 26, 2021

This means a foreclosure, repossession, garnishment, or other action can continue against your spouse even after you’re freed of it through bankruptcy – but only if their name is on the debt. This is certainly something to consider before filing bankruptcy without your spouse. Questions About Bankruptcy?

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Sawin & Shea

JANUARY 11, 2024

Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Bankruptcy filings for both individuals and businesses are on the rise. Since 2005, a debtor education course from an approved provider is mandatory for anyone who files for bankruptcy.

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Debt Free Colorado

MARCH 3, 2023

What Can’t Bankruptcy Do? What Should I Consider Before Filing for Bankruptcy? Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? Are My Creditors capable of appealing My Bankruptcy? What Debts are Discharged in Bankruptcy? What Can’t Bankruptcy Do?

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Sawin & Shea

JANUARY 24, 2024

The court sells off your nonexempt assets and uses the proceeds to pay your creditors. Chapter 13 bankruptcy sets up a 3-5 year repayment plan to pay back a portion of what you owe. Your assets are protected while you make monthly payments to creditors through the court.

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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? That said, there are some situations in which your office could learn of your bankruptcy.

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Debt Free Colorado

OCTOBER 25, 2024

Chapter 11 allows businesses to reorganize their debts while continuing operations. Finally, Chapter 13 is a repayment plan for sole proprietorships. Bankruptcy also benefits businesses by providing an automatic stay, which stops creditors. What is Bankruptcy? The court and creditors must then approve this.

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Sawin & Shea

DECEMBER 8, 2021

Some people have too high of an income or have assets that require making monthly payments through filing Chapter 13 bankruptcy. . Filing for bankruptcy is a viable option when your debts affect your social security. For example, unpaid federal student debts can garnish your social security by 15%.

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Sawin & Shea

SEPTEMBER 20, 2023

Upon filing a Chapter 7, you receive automatic court-oredered protection from creditors and aren’t subject to lawsuits, repossessions, or wage garnishments. If you have nonexempt property that you do not want to lose through the Chapter 7 liquidation process, then a Chapter 13 bankruptcy may be in order.

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Sawin & Shea

JUNE 14, 2023

Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future. If you’re legally responsible for joint debts along with your spouse, creditors can continue pursuing the debt after your divorce.

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Credit Corp

MAY 1, 2024

Credit card debt forgiveness, also known as debt settlement, involves negotiating with creditors to reduce the amount owed on your credit card balances. While it can provide relief from overwhelming debt, it may have significant consequences, including damage to your credit score, tax implications, and potential legal actions from creditors.

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Debt Free Colorado

APRIL 9, 2020

Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Triage your finances.

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Sawin & Shea

MARCH 27, 2024

This bankruptcy protection will prohibit a collection agency or another creditor from recovering debt or taking action against you. You’ll also be assigned a trustee to manage your bankruptcy case. The bankruptcy discharge will eliminate your unsecured debts , including unpaid medical bills and credit card debt.

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Credit Corp

JUNE 14, 2023

A charge-off is when the creditor officially writes your debt off its books as a loss. Keep in mind that a creditor writing off your unpaid debt as a loss doesn’t mean you don’t owe the debt. Your creditor may sell your charged-off debt to a collection agency for pennies on the dollar.

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Sawin & Shea

JANUARY 25, 2022

If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary.

Unsecured Debt 52

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Sawin & Shea

JUNE 28, 2023

Repaying an ‘insider’ in the 12 months before declaring bankruptcy allows a bankruptcy trustee to reverse these payments as they have been given special treatment compared to all the other creditors. Plus, nonpayment of these charges can result in a judgment that garnishes your wages and bank accounts.

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Collection Industry News

SEPTEMBER 23, 2020

That means that the court entered an order in favor of the creditor or debt collector because the consumer did not show up or did not file necessary paperwork. In Alabama, if a judgment is entered against you, the creditor who got the judgment can do several things as far as trying to collect on the judgment. • Filing bankruptcy.

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Sawin & Shea

NOVEMBER 15, 2023

Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something.

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Sawin & Shea

MARCH 30, 2021

If you want to keep an asset (like a car or home) and it is not covered by Indiana bankruptcy exemptions , do not file Chapter 7 – look to a Chapter 13. Chapter 13. Debts are reorganized in a payment plan that forces creditors to take what the Chapter 13 law says your have to pay them.

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Debt Free Colorado

MARCH 10, 2021

In one case, UpRight substantially delayed filing its client’s bankruptcy case for almost a year after it misrepresented that it had a local attorney who was licensed in Montana available to file the case. UpRight’s delay resulted in a creditor garnishing more than $6,000 of the debtor’s wages.

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