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You may be considering Chapter7bankruptcy. Consulting with a Chapter7bankruptcy attorney in Boulder, CO, can help determine if it is the right solution. Our blog will provide a general overview of Chapter7bankruptcy. Filing for Chapter7bankruptcy triggers an automatic stay.
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.
Some situations in which an individual may want to consider filing for emergency bankruptcy include: Wage garnishment Creditors levying your bank accounts or property An impending home foreclosure sale Imminent car repossession. It’s not always clear when it’s the right time to file for emergency bankruptcy.
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 Chapter7 and Chapter 13 bankruptcy options.
Since the debt is old and less likely to be paid, the creditor may be willing to accept less than what you owe to consider the matter closed. Foreclosures and Short Sales: Seven Years A foreclosure can remain on your credit reports for seven years from the date the foreclosure was filed.
The complexities of bankruptcy law, coupled with the potential consequences of a failed case, strongly suggest seeking the assistance of a qualified bankruptcy attorney for the best possible outcome. We can help you file for Chapter 13 bankruptcy or Chapter7bankruptcy, depending on your needs.
When you file, a court injunction known as automatic stay protects you from debtcollectors. However, a bonus earned but not yet paid can be an asset in a Chapter7bankruptcy case. Sawin & Shea Can Help You Time Your Bankruptcy Case Properly.
What’s the Difference Between Chapter7 and Chapter 13? Put simply, Chapter7 is a liquidation while Chapter 13 is about reorganization. In the case of a Chapter7bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets.
There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed. Chapter7 is known as liquidation in bankruptcy legislation.
. • Debt collection cases have claimed an increasing share of the civil docket, making up about 30% of the civil court caseload in the one state where comprehensive data was available. • The dollar value of claims filed annually by debt buyers increased from $6 billion in 1993 to $98 billion in 2013. Filing bankruptcy.
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