Sawin & Shea

JULY 6, 2022

A friend or family member may step in to assist the borrower in obtaining a loan for a car, home, or student loan. Unfortunately, if a friend or family member needs someone to personally guarantee their loan, that likely means they’ll have a high-interest rate and have a higher chance of defaulting on payments.

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Sawin & Shea

MAY 19, 2021

If you are thinking of filing for Chapter 7 or Chapter 13 bankruptcy, 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 Chapter 13 bankruptcy. Create a budget and build an emergency fund.

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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

JUNE 22, 2022

And student loan payments are often even a burden for senior citizens today. Unfortunately, all of this adds up to bankruptcy—something that is already scary to deal with as is but can be even more overwhelming and frightening for seniors. Pensions have also mostly disappeared or have become significantly underfunded.

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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. Strategies to Delay or Eliminate the Need to File Bankruptcy.

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Sawin & Shea

OCTOBER 27, 2021

25% of debts in collections were credit card related, and 20% were student loan debts. Although many view bankruptcy as inherently negative, it can have a positive effect on your ability to rebuild your credit. Bankruptcy Code. Contact Indiana Bankruptcy Lawyers. What Should I Do If I Have Medical Debts?

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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.

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Roths Child Law

AUGUST 14, 2023

Student loans are one of the primary ways graduates build up debt. College students are often also targets of credit card companies, which can lead to all kinds of debts. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food. One common solution to debt is bankruptcy.

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Debt Free Colorado

APRIL 9, 2020

Student Loans. You should call your student loan servicers about forbearance, which will temporarily stop or reduce your payments. Unfortunately, you are at the mercy of the lender if you have private student loans as they tend to be much more difficult to work with.

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Debt Free Colorado

JANUARY 10, 2022

They can file for Chapter 7 if their disposable income is low enough. Advantages and Disadvantages of Bankruptcy Chapter 7. Advantages of Chapter 7 Bankruptcy . Bankruptcy wipes out all debts and gives you a fresh start. Only student loans, taxes, and past-due child support are non-dischargeable. .

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Sawin & Shea

JANUARY 12, 2022

In Chapter 13 Bankruptcy: Chapter 13 bankruptcies work a little differently. Discuss your tax debt with a bankruptcy attorney to make sure you get the most out of your discharge. Student Loans. Student loans can be particularly challenging.

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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.

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Roths Child Law

JULY 12, 2023

For example, a Chapter 7 to another Chapter 7 bankruptcy typically has an 8-year wait time. Or, a Chapter 7 to a Chapter 13 bankruptcy may require people to wait 4 years. What is liquidation bankruptcy? Liquidation bankruptcy is another name for Chapter 7 bankruptcy.

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Sawin & Shea

SEPTEMBER 28, 2022

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 Chapter 13 bankruptcy. In rare cases, your repayment plan in Chapter 13 bankruptcy may require your wages to be garnished.

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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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Sawin & Shea

JULY 28, 2021

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 Any debts you did not list when you filed for bankruptcy unless the creditor learns of your bankruptcy case. Student loans.

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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. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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Roths Child Law

FEBRUARY 29, 2024

Before filing, you should understand what a personal bankruptcy filing can and cannot do. Personal bankruptcies do not cover all types of debt While Chapter 7 and Chapter 13 bankruptcies can help with many debts, they won’t necessarily cover all of your debts. It depends on what your debts are for.

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Roths Child Law

AUGUST 2, 2024

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. There are many different kinds of debts.

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Roths Child Law

OCTOBER 1, 2021

These are known as “non-dischargeable” debts, meaning that you must still repay them once the bankruptcy proceeding is complete. . Here are some of the debts that you generally cannot clear away with bankruptcy: Student loan debt. The only exception to this rule is property damage when filing Chapter 13 bankruptcy. .

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Sawin & Shea

AUGUST 30, 2023

Chapter 13 Bankruptcy 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 Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts.

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Roths Child Law

AUGUST 6, 2021

However, it is important to note that student loans and child support are generally not discharged through Chapter 7. Unlike Chapter 13 bankruptcy, Chapter 7 places no limit on the amount of debt you can have in order to file. No limit to debts covered.

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Debt Free Colorado

NOVEMBER 28, 2024

Bankruptcy is a legal process that provides individuals and businesses relief from overwhelming debt. 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.

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Sawin & Shea

OCTOBER 27, 2021

25% of debts in collections were credit card related, and 20% were student loan debts. Although many view bankruptcy as inherently negative, it can have a positive effect on your ability to rebuild your credit. Bankruptcy Code. Contact Indiana Bankruptcy Lawyers. What Should I Do If I Have Medical Debts?

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Debt Free Colorado

DECEMBER 23, 2024

Some debts stay with you even after bankruptcy. Student loans, child support, recent taxes, and court fines must be paid in full. Debts from fraud also cannot be erased through bankruptcy, and creditors can fight to keep these debts active. Chapter 7 bankruptcy remains on credit reports for 10 years.

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Sawin & Shea

MARCH 6, 2024

It provides a way for debtors to either liquidate non-exempt assets (most cases result in a no-asset finding, meaning people keep everything they have) to pay off creditors and eliminate remaining debts (Chapter 7 bankruptcy) or to reorganize their finances and debts into a multi-year repayment plan (Chapter 13 bankruptcy).

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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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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

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

JANUARY 24, 2024

Chapter 13 bankruptcy sets up a 3-5 year repayment plan to pay back a portion of what you owe. The Cons Bankruptcy has an effect on your credit and remains on your report for 7-10 years depending on the type. Any debts not discharged, like student loans, remain.

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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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Roths Child Law

AUGUST 6, 2021

However, it is important to note that student loans and child support are generally not discharged through Chapter 7. Unlike Chapter 13 bankruptcy, Chapter 7 places no limit on the amount of debt you can have in order to file. No limit to debts covered.

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Credit Corp

MAY 30, 2023

Chapter 13: With this option, you can discharge some of your debt, like medical bills. Meanwhile, you can also partially repay other debts—like a home mortgage or car loan—over a three to five-year period. The three major credit bureaus include Chapter 13 bankruptcy on your report for up to seven years.

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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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Sawin & Shea

MARCH 30, 2021

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Sawin & Shea

NOVEMBER 2, 2022

First, you should know that choosing bankruptcy is a smart, proactive way of lifting the burden of overwhelming debt. Here in the Hoosier state, more than 15,000 people file for bankruptcy in an average year, with about 58% choosing Chapter 7 and 41% choosing Chapter 13 bankruptcy.

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Sawin & Shea

JANUARY 25, 2022

Common types of unsecured debts include: Credit cards Student loans Personal loans Medical debt Back rent Utility bills Child support. If the unsecured debt is a federal student loan, the Department of Education can garnish up to 15% of your disposable income without filing a lawsuit. Examples of Unsecured Debts.

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