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.

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Sawin & Shea

JANUARY 25, 2022

While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. 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. Chapter 13.

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Debt Free Colorado

FEBRUARY 24, 2025

If their income is too high, they may have to consider other options like Chapter 13. Most unsecured debts, including credit cards, can be erased through Chapter 7. The process takes a few months, and once complete, you are no longer responsible for repaying discharged debts.

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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?

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Sawin & Shea

JANUARY 11, 2024

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. Debtor education classes provide customized guidance based on your unique circumstances.

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Mich Bankruptcy Blog

JULY 8, 2020

A Chapter 13 bankruptcy plan requires a debtor to satisfy unsecured debts by paying all “projected disposable income” to unsecured creditors over a five-year period. 1] Read More › Tags: 6th Circuit Court of Appeals , Chapter 13. In a recent case before the U.S.

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PBWT

SEPTEMBER 30, 2021

PERRY, Debtor. KRISTA PREUSS, Standing Chapter 13 Tr., 21, 2021), Judge Seibel reversed the decision of the bankruptcy court and clarified the independent obligation of the Bankruptcy Court to ensure a Plan conforms to the necessary requirements set out by the Bankruptcy Code, irrespective of the parties’ conduct.

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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

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.

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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. Simply put, yes, you can file bankruptcy on your medical bills.

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Sawin & Shea

SEPTEMBER 6, 2023

When facing dire financial circumstances, many people ask, “How can I pay off my overwhelming debt and also save my house from foreclosure?” These include declaring Chapter 7 or Chapter 13 bankruptcy. While both are good options to stop foreclosure (or postpone), in this blog we’ll focus on Chapter 13.

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Debt Free Colorado

NOVEMBER 28, 2024

In Colorado, as in other states, there are specific types of bankruptcy that cover different financial situations. 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.

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Debt Free Colorado

DECEMBER 30, 2023

Quick Summary: Bankruptcy can be a viable option amid economic challenges and advantageous for retirement savings with proper guidance. IRAs are generally protected in both Chapter 7 and Chapter 13 bankruptcies, offering security for retirement funds. Will I Preserve My 401(k) Plan in Bankruptcy?

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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.

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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.

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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.

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PBWT

SEPTEMBER 30, 2021

PERRY, Debtor. KRISTA PREUSS, Standing Chapter 13 Tr., 21, 2021) In the proceedings below, the debtor filed a Chapter 13 bankruptcy petition, which included unsecured claims totaling $427,103.70. The debtor's petition also included a $2,000 per month expense for an “RV payment.”

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Sawin & Shea

FEBRUARY 23, 2022

If you are in the Chapter 13 Bankruptcy process, you have a three-to-five-year reorganization payment plan. This plan will allow for one monthly payment to wrap up most types of debt and will provide you with automatic court protection from your creditors. What happens if you miss a payment in Chapter 13?

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Sawin & Shea

JULY 27, 2022

Debtors who run their credit card balances up before they file for bankruptcy could suffer consequences. Primarily, it could result in your debt becoming ineligible for discharge, which is often the whole point of filing for bankruptcy. So in many cases, running your credit card debt up is not worth it.

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Sawin & Shea

JUNE 7, 2023

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. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt. What’s a Guarantor?

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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

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. Where Do I Go From Here?

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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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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

JULY 12, 2023

Chapter 7 is generally what people thing about when they think about bankruptcy, but this method isn’t right for everyone. To qualify for Chapter 7 , you’ll need to pass the income based “means test,” which evaluates whether you have enough disposable income to pay off some of your unsecured debts over five years.

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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.

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Sawin & Shea

AUGUST 2, 2023

Filing for Chapter 7 bankruptcy centers on liquidating assets, while Chapter 13 bankruptcy focuses on reorganization. Unsecured debt includes things like credit card debt, medical debt, and personal loans. While it’s perfectly legal to file for bankruptcy on a ‘pro se’ (i.e.,

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Debt Free Colorado

OCTOBER 25, 2024

Chapter 7 includes many different processes, including: Asset Liquidation: The business’s non-exempt assets are sold off to pay creditors. Discharge of Debts: After liquidation, any remaining unsecured debts are discharged. Eligibility: Businesses must pass a means test to qualify for Chapter 7.

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Sawin & Shea

MARCH 27, 2024

You must complete credit counseling within 180 days of filing your petition, and you’ll need to complete a debtor education course after your Meeting of Creditors. After completing your required courses and undergoing the liquidation process, you’ll be able to discharge certain debts.

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