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What Assets Do You Lose in Chapter 7?

Sawin & Shea

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. What Is Chapter 7 Bankruptcy?

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Rebuilding Your Finances: Credit Cards After Bankruptcy | Credit Tips

Sawin & Shea

People can discharge their debts via Chapter 7 liquidation or can repay their debts over time through a Chapter 13 repayment plan. Plus, these bankruptcy options also provide protection from creditors. Here are some expert tips for rebuilding your credit and finding the best credit cards after bankruptcy.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

Secured debts are a type of debt backed by an asset that is used as collateral. 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. How your debt is handled in bankruptcy will depend on which type you file. What is Unsecured Debt?

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Chapter 13 Bankruptcy Dismissed. Can I Refile?

Sawin & Shea

Filing for Chapter 13 bankruptcy can help you improve your financial situation. The Chapter 13 repayment plan consolidates your existing debts into a three to five-year plan to pay back your creditors, and initiating the process offers immediate protections, including an automatic stay, and allows you to keep all of your possessions.

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How to File for Bankruptcy

Better Credit Blog

There are several different types of bankruptcies, but the majority of individuals can only file for Chapter 7, which is also known as liquidation bankruptcy, and Chapter 13 bankruptcy, which is also known as the wage earner’s plan. Educate you on bankruptcy law and procedures.