This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Filing for Chapter 7 or Chapter13Bankruptcy: 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. Chapter13bankruptcy is discussed below. We are here to help.
If you are thinking of filing for Chapter 7 or Chapter13bankruptcy, or if you have already filed, you may be concerned about how long the bankruptcy will stay on your credit report. The situation is more complicated with Chapter13bankruptcy. Create a budget and build an emergency fund.
If you own a home the consequences of a judgment against you are more significant as judgment creditors can place liens against your home. StudentLoans. You should call your studentloan servicers about forbearance, which will temporarily stop or reduce your payments.
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 Civil court judgments (not counting anything that was based on fraud). Studentloans. per every 1,000 people. These are called unscheduled debts.).
In that case, the bankruptcy court will recommend that you declare Chapter13bankruptcy , which consolidates your debts into a three-to-five-year repayment plan.
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 Chapter13bankruptcy. In rare cases, your repayment plan in Chapter13bankruptcy may require your wages to be garnished.
Chapter13Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. It works through reorganization, as opposed to liquidation, and you do not have to pass the Chapter 7 means test. Under Chapter13Bankruptcy, you have time and a plan in which to repay your debts.
For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. A court judgment that states that a person is not required to pay back some debts is given to those who abide by the bankruptcy laws and are granted a discharge.
Enter Sawin & Shea, LLC – a firm with over 50 years of combined experience in bankruptcy services, dedicated to providing compassionate and non-judgmental representation to individuals and families in need. Studentloans are also difficult but not impossible to discharge in bankruptcy.
At Sawin & Shea LLC , we understand that hiring an attorney to help you file bankruptcy is scary. We are committed to providing compassionate and non-judgmental representation to all of our clients. This usually occurs 20-40 days after your petition is filed. We are here to help.
Common types of unsecured debts include: Credit cards Studentloans Personal loans Medical debt Back rent Utility bills Child support. Once the lender has obtained a court judgment against you, they can then proceed to use aggressive collection remedies to pay back what you owe. Examples of Unsecured Debts.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content