Titan Consulting

AUGUST 23, 2020

In many cases, you may also lose certain secured assets like homes and cars in a liquidation to pay your creditors some of what you owe. You must qualify to file for bankruptcy, and your income must meet an income means test. Filers must pass a means test to qualify for a chapter 7 bankruptcy.

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Sawin & Shea

DECEMBER 29, 2021

However, the property that is considered nonexempt will be handled differently depending on which chapter you file. Property in Chapter 7 Bankruptcy. When you file Chapter 7 bankruptcy, any property determined to be nonexempt will likely be lost to the liquidation process.

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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

APRIL 10, 2024

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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Sawin & Shea

AUGUST 24, 2020

There are many intricacies that set Chapter 7 and Chapter 13 Bankruptcy apart. Chapter 7 Bankruptcy: A petition is filed in the Bankruptcy Court seeking a discharge of most types of debts. A Chapter 13 can help people get caught up on a mortgage or car loans. What does each one mean?

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Sawin & Shea

JULY 28, 2021

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.

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Sawin & Shea

MARCH 14, 2023

If you’re filing for Chapter 7 bankruptcy , you can retain exempt assets and protect them from seizure but only up to a particular point. The court-appointed bankruptcy trustee can confiscate any non-exempt assets to liquidate in order to pay back some of your debts. Why Did Bankruptcy Exemptions Increase in Indiana?

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Sawin & Shea

JULY 27, 2022

To fully understand how this works, it helps to understand the basics of credit card debt when you are filing for bankruptcy, which we will dive into below. Understanding Credit Card Debt and Bankruptcy. Most people file for bankruptcy in the hopes of having their debts that they are struggling to pay discharged.

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Sawin & Shea

APRIL 26, 2023

The judgment lien definition is that if you owe a creditor money and don’t pay, they can sue you for the balance. If the court rules in their favor, the creditor can file a judgment lien against you, which means that the court has permitted them to forcefully collect that debt from you. What Is a Judgment Lien?

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Sawin & Shea

JULY 13, 2022

As a result, the majority of debtors who file for Chapter 7 bankruptcy do not get their college loans dismissed. How do bankruptcy courts handle private student loans, however? Are private student loans treated differently by bankruptcy courts? These kinds of debts are called Qualified Education Loans.

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Roths Child Law

FEBRUARY 5, 2021

If you've been considering filing for Chapter 7 bankruptcy in Tennessee, you've probably heard of the bankruptcy means test. The means test is a relatively lengthy form that is used to determine whether your disposable income is low enough to qualify you for Chapter 7 bankruptcy relief. Median income.

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Sawin & Shea

FEBRUARY 8, 2023

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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Sawin & Shea

MARCH 27, 2024

In this blog, we take a close look at ways Chapter 7 bankruptcy affects future or current employment. If you have additional questions, we encourage you to read our online articles about filing bankruptcy. What Is Chapter 7 Bankruptcy? Chapter 7 is often referred to as liquidation bankruptcy.

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Sawin & Shea

APRIL 27, 2021

It also talks about using repayment plans instead of declaring bankruptcy. Making informal repayment plans with creditors. Learning personal budgeting education. Pre-discharge counseling is your last step in finalizing your bankruptcy. The class will teach you about: Using debt management tools.

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Debt Free Colorado

MARCH 10, 2023

Learning the truth about bankruptcy is the first step to ensuring the process goes smoothly. 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. Definitely not.

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Collection Industry News

DECEMBER 21, 2020

Currently, Chapter 7 allows consumers with nominal disposable monthly income to discharge their debts after liquidating any non-exempt assets to repay their creditors. Chapter 13 provides for consumers to discharge their debts after paying their disposable income to creditors under a three- or five-year repayment plan.

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Sawin & Shea

JANUARY 25, 2022

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. In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary.

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Sawin & Shea

JUNE 21, 2023

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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Better Credit Blog

JANUARY 11, 2022

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.

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