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Chapter 13 bankruptcy Debtor Loans 
Roths Child Law
NOVEMBER 16, 2022
People who have too much debt and can’t make payments often declare bankruptcy to help relieve them of their financial obligations. This often saves debtors from the long-term damages and consequences of unpaid debt. Otherwise, too much debt can hamper the ability to take on loans. What is Chapter 13 bankruptcy?
Sawin & Shea
MAY 5, 2021
Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. Chapter 13 bankruptcy is discussed below.
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Sawin & Shea
SEPTEMBER 14, 2022
When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys. What is Consumer Debt?
Sawin & Shea
FEBRUARY 22, 2023
And although there are benefits to obtaining this type of mortgage, debtors often have to pay increased interest and monthly payments. These increased payments can put financial pressure on debtors, leading them to fall behind on their housing payments. An adjustable-rate mortgage is a home loan that features variable payments.
Sawin & Shea
AUGUST 24, 2020
Whether or not you file for bankruptcy also depends on the kind of debt you have. 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. What does each one mean?
Sawin & Shea
JANUARY 18, 2024
Financial challenges can be overwhelming, and seeking relief through Chapter 13 bankruptcy is a viable option for many. As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. What is Chapter 13 Bankruptcy?
Debt Free Colorado
DECEMBER 9, 2021
Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 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 chapter 13 bankruptcy.
Titan Consulting
AUGUST 23, 2020
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. Chapter 7 liquidates assets and discharges qualified debts.
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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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 13 Bankruptcy?
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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Sawin & Shea
MAY 26, 2021
This means each spouse is only responsible for their partner’s debt if they have voluntarily joined the debt, for example by co-signing on a loan. If you file bankruptcy without your spouse, they won’t be on the hook for any debts that aren’t in their name. Ask your bankruptcy attorney about applicable exemptions.
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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?
Sawin & Shea
MARCH 14, 2023
Indiana allows debtors to exempt assets when filing for bankruptcy up to a certain monetary amount, and that amount recently increased. In this blog, we’ll share the details regarding this exemption increase, the different exemption categories, and how these exemptions impact Chapter 7 and Chapter 13 bankruptcy.
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Sawin & Shea
JUNE 7, 2023
Co-signers are beneficial for those seeking to obtain loans and credit cards. If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Plus, being a co-signer can help a debtor build credit.
Debt Free Colorado
JANUARY 10, 2022
Federal courts have exclusive jurisdiction over bankruptcy cases. As such a bankruptcy case cannot be filed in a state court. Bankruptcy laws are in place to protect not just the debtor, but also the creditors. There are several types of bankruptcy. . Advantages of Chapter 7 Bankruptcy .
Debt Free Colorado
FEBRUARY 24, 2025
If their income is too high, they may have to explore other options, such as Chapter 13 bankruptcy. How To Discharge Credit Card Debt with Chapter 7 in Greenwood, CO? Most Chapter 7 bankruptcy cases include credit card debt, making it an effective way to erase unpaid balances.
Debt Free Colorado
NOVEMBER 28, 2024
Quick Summary: Bankruptcy is a legal process that offers relief from overwhelming debt for individuals and businesses. A bankruptcy attorney assists clients in understanding the complexities of this process. Certain debts—such as credit card debt, medical bills, and personal loans—can be discharged.
Debt Free Colorado
JANUARY 20, 2024
How Does Chapter 7 and 13 Bankruptcy Affect My Medical Bills? Chapter 7 and Chapter 13 bankruptcies can have different effects on medical bills. Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged.
Roths Child Law
OCTOBER 18, 2021
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. Many people are worried that they might lose everything when they file for bankruptcy. However, it is not the case, as detailed below.
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.
Sawin & Shea
JANUARY 12, 2022
Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy. Student Loans.
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Roths Child Law
AUGUST 2, 2024
What debts can you relieve with bankruptcy? 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.
Sawin & Shea
MARCH 6, 2024
Understanding Debt Consolidation Debt consolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of Debt Consolidation Debt consolidation can be great if you qualify for a loan with a low enough interest rate.
Credit Corp
FEBRUARY 23, 2024
That said, the length of time you have to wait before getting approved for a mortgage largely depends on the type of loan you’re shopping for and how you’ve managed your credit. Read on to learn more about buying a house after bankruptcy. How Soon Can You Buy a House After Filing Bankruptcy? A minimum down payment of 3.5%
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Sawin & Shea
SEPTEMBER 29, 2021
Though it can be a scary and stressful process, the benefits of filing for bankruptcy tend to outweigh the detriments. Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors.
Sawin & Shea
SEPTEMBER 29, 2021
Though it can be a scary and stressful process, the benefits of filing for bankruptcy tend to outweigh the detriments. Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors.
Debt Free Colorado
MARCH 3, 2023
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 Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed.
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Sawin & Shea
JANUARY 5, 2022
Filing for bankruptcy is often a necessary yet scary and confusing process for debtors. While you may not want to file bankruptcy, it is often the best choice if you are struggling to get by. Though filing for bankruptcy is a challenging process, it will go a lot smoother if you look into hiring an attorney to help.
Debt Free Colorado
JANUARY 27, 2022
Medical debt is the primary reason Americans declare bankruptcy. Another aspect is the increased accessibility of credit loans, which makes it simpler for Americans to end up spending more than they can afford. Additionally, creditors may take such property if a judgement against the debtor is entered. Non-Exempt Assets.
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Sawin & Shea
MARCH 13, 2024
A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. 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.
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.
Credit Corp
MAY 30, 2023
Chapter 7: This option is designed to liquidate, or sell off, your non-exempt assets or valuable property. In most cases, debtors don’t have enough non-exempt assets to repay their debt. Chapter 7 is reported on your credit report for up to 10 years. Of the two options, Chapter 7 has the more negative impact on your creditors.
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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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Debt Free Colorado
MARCH 10, 2023
At the Law Office of Clark Daniel Dray (debtfreecolorado), you can be sure that a bankruptcy attorney will inform and educate you about the myths about bankruptcy in Littleton, CO. These are the five most prevalent bankruptcy myths. Short sales and loan modifications are viable alternatives to bankruptcy.
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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. Can You File Bankruptcy on Child Support?
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Sawin & Shea
FEBRUARY 14, 2023
However, for this reason, it’s not uncommon for people to want to know how to remove bankruptcy from a credit report. Whether you want to open new lines of credit, secure a new loan, or buy a home—there are many reasons why you might want to get rid of your bankruptcy to improve your credit score.
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Sawin & Shea
MAY 2, 2024
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.
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Sawin & Shea
APRIL 12, 2023
However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. What is the Difference Between Chapter 7 and Chapter 13? Chapter 7 looks at assets that you owned at the time you filed. Who Is an Insider?
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Sawin & Shea
MARCH 20, 2024
They typically answer questions from a debtor about back taxes, filing annual tax returns, and tax penalties they may owe. A bankruptcy attorney helps someone clarify and organize their finances while getting most types of debt discharged. Do you have other debt, loans, discharged debts, or other amounts owed?
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Debt Free Colorado
DECEMBER 23, 2024
Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. Some debts stay with you even after bankruptcy. Student loans, child support, recent taxes, and court fines must be paid in full. However, because assets do not secure these debts, bankruptcy may help eliminate them.
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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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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Debt Free Colorado
SEPTEMBER 14, 2024
The easiest way to understand bankruptcy is first to know of its different types: Chapter 7 Chapter 7 bankruptcy is usually called “liquidation bankruptcy.” ” It is a process where the debtor’s non-exempt assets are sold to repay creditors. Then bankruptcy may be your best option.
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