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When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. What Is Chapter 13 Bankruptcy? Can I Stop Foreclosure with Chapter 13 Bankruptcy?
When filing Chapter7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.
Bankruptcy Code reserves certain opportunities for those who are least likely to be able to repay their debts any time soon. Unlike Chapter 13 bankruptcy, which is available to most Americans, Chapter7bankruptcy is only available to low-income filers. However, this risk impacts very few Chapter7 filers.
If you’re in a financial bind, your best option might be to seek a fresh start through Chapter7bankruptcy. In most cases, you don’t forfeit your home when you file for Chapter7bankruptcy. What is Chapter7Bankruptcy? The post Can I Keep My Home in a Chapter7Bankruptcy?
Your investment real estate’s outcome depends entirely on whether you file for Chapter7 or Chapter 13 bankruptcy. Investment Real Estate in Chapter7Bankruptcy. Chapter7bankruptcy is a great option for those looking to discharge eligible debts. Chapter 13 Cramdowns.
Chapter7bankruptcy may seem intimidating, but as you can tell from the following infographic, the steps that go into successfully completing your case are pretty straightforward. For those of you who may not be able to view the image, the text follows: Chapter7Bankruptcy Timeline. 13 bankruptcy.
Situations such as these may call for debtors to file bankruptcy. You'll need to pass the means test to qualify to file Chapter7bankruptcy. Bankruptcy Court conditions its decision about whether to let a debtor file Chapter7bankruptcy on whether they pass their means test.
When you are struggling to pay your bills, there may come a point where you are faced with deciding between bankruptcy vs foreclosure. If you choose bankruptcy, there are also different options depending on whether you choose a Chapter 13 bankruptcy or a Chapter7bankruptcy.
If you are struggling to pay your mortgage and other bills, the good news is that the CARES Act (Coronavirus Relief and Economic Security) has extended the deadline for when the foreclosure moratorium is due to expire. You will need the advice of an experienced bankruptcy attorney as soon as possible! Chapter7Bankruptcy.
Many people keep control over their assets through the use of bankruptcy exemptions, which are special rules that allow people who are filing for a Chapter7bankruptcy to keep certain property if its value is less than the amount of the exemption. How Do I Protect My Home During Bankruptcy? This is rarely true.
You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter7 and chapter 13 bankruptcy. Chapter7 (Liquidation). Advantages of Chapter7Bankruptcy. Disadvantages of Chapter7Bankruptcy.
When homeowners face the daunting prospect of foreclosure, understanding the defensive options available can potentially help them preserve their homes and financial stability. For example, two common types of bankruptcy , Chapter7 and Chapter 13, offer different benefits and drawbacks in the context of foreclosure.
If you’re considering filing for bankruptcy, you’re not alone; roughly 375,000 people filed for bankruptcy in 2022, and home foreclosure filings rose 115% in 2022 over the number of foreclosures in 2021. To many people, the most alarming thing about filing for bankruptcy is the possibility that they will lose their home.
However, we’ve provided some basic answers below to the question, “What is the difference between Chapter7, 11, and 13 when it comes to bankruptcy?” In This Piece Understand the Types of Bankruptcy How Do You Know Which Bankruptcy Type is Right for You? What Is Chapter 11 Bankruptcy?
courts have nicknamed Chapter 13 bankruptcy the “wage earner’s plan.”. What Is A Chapter 13 Repayment Plan? Chapter 13 is a personal reorganization bankruptcy. In a Chapter 13 you do not have to repay most debts in full. How Long Does A Chapter 13 Bankruptcy Plan Take? In fact, the U.S.
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.
You must qualify to file for bankruptcy, and your income must meet an income means test. If you do not qualify for a Chapter7bankruptcy 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.
Saving Your Home From Foreclosure Through Chapter 13 BankruptcyChapter 13 bankruptcy offers a solution if you’ve fallen behind on monthly mortgage payments. Chapter 13 reorganizes your debt into a three-to-five-year repayment plan.
Filing Again After Chapter7Bankruptcy. If you plan to file again after previously filing a Chapter7bankruptcy the following time limits apply. Filing Successive Chapter7Bankruptcy Cases. Filing Chapter 13 After a Chapter7Bankruptcy.
Filing Again After Chapter7Bankruptcy. If you plan to file again after previously filing a Chapter7bankruptcy the following time limits apply. Filing Successive Chapter7Bankruptcy Cases. Filing Chapter 13 After a Chapter7Bankruptcy.
These factors – as well as many others – could in fact impact the time of year you file bankruptcy. This is why it is often beneficial to consult experienced counsel when considering Chapter7bankruptcy or another chapter, so you can ensure you are eligible and move forward strategically to secure your financial future.
Chapter7 Timeshare Bankruptcies If you file for Chapter7bankruptcy , you might be able to keep your timeshare. Timeshares usually don’t have equity and won’t be sold by the trustee in a Chapter7bankruptcy. The lender will then ask the court for permission to foreclose on it.
Chapter7bankruptcy , or liquidation bankruptcy, allows you to discharge all or most of your debt. Under Chapter7, most people can keep their home and car, if desired, and receive automatic court protection from creditors. Chapter7bankruptcy also stops lawsuits and wage garnishments.
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.
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.
What Is Chapter 13 Bankruptcy? Chapter 13 bankruptcy allows people with regular income to develop debt repayment plans to discharge their eligible debts over 3 to 5 years. This is different from Chapter7bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan.
If you earn a decent, steady paycheck but you’re still struggling to pay your debts on time, it may be worth considering filing for bankruptcy. Bankruptcy Code. This opportunity will allow you to benefit from the protections of the automatic stay and the issuance of a discharge at the end of the bankruptcy process.
It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor. Entering a reaffirmation agreement is a way that debtors in a Chapter7bankruptcy keep collateral attached to secured debt like houses or cars.
For the lender, it’s all about the bottom line, and if they think they can get more money from a foreclosure, they won’t agree to a short sale. What if you file for Chapter7bankruptcy? Is it better than bankruptcy? The debt will show as “discharged in bankruptcy” if you file a Chapter7 or 13.
Compensating Factors Your Lender May Take Into Account Other VA Loan Requirements How to Get a VA Loan After Bankruptcy or Foreclosure Who Qualifies for a VA Loan? Here’s an overview of how to get a loan after foreclosure or bankruptcy. The waiting period for a Chapter 13 bankruptcy is 12 months after filing.
If that’s not possible for you, another option is to avoid it through Chapter7 or Chapter 13 bankruptcy court. Here’s how that works: Chapter7 If you successfully file for Chapter7bankruptcy , you receive protection from creditors and a discharge of most debt.
You can work directly with the mortgage lender on a loan modification, or reach out to the Colorado Foreclosure Hotline for free assistance. To speak with a Colorado attorney experienced in debt relief and bankruptcy, call The Law Office of Clark Daniel Dray at (303) 900-8598 or use the tool below to scheduled a free consultation.
Many people ask, when should you file for bankruptcy? You can file for bankruptcy in two different ways: Chapter7 and Chapter 13. Filing for Chapter7bankruptcy centers on liquidating assets, while Chapter 13 bankruptcy focuses on reorganization.
Situations such as these may call for debtors to file bankruptcy. You'll need to pass the means test to qualify to file Chapter7bankruptcy. Bankruptcy Court conditions its decision about whether to let a debtor file Chapter7bankruptcy on whether they pass their means test.
If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. A bankruptcy attorney helps someone clarify and organize their finances while getting most types of debt discharged.
Defining the Most Common Types of Bankruptcy Before diving into bankruptcy’s implications for your nest egg, here is an explanation of the two most common types of bankruptcy. Chapter7bankruptcy or liquidation bankruptcy, allows you to discharge all or most of your debt.
Cosigner Responsibilities: Bankruptcy and Debt Collection If a primary borrower declares bankruptcy, the co-signer associated with the debt may be responsible to pay back creditors, but this will depend on the type of bankruptcy that the primary debtor filed.
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 same goes for a short sale, which could show up on your credit report as a charge-off, a settlement, a deed-in-lieu of foreclosure, or “settled for less than the full amount due.”
However, because assets do not secure these debts, bankruptcy may help eliminate them. To qualify for Chapter7bankruptcy, debtors must pass a means test that compares their income to their state’s median income. When you file for bankruptcy, you enter a legal process. This means you no longer owe the money.
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.
Filing earlier in the year means the automatic stay injunction will protect your holiday celebrations from being affected by things like: Foreclosure and eviction from your home Repossession of your vehicle Utility disconnection Contact from credit card and other collectors. 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.
Myth #2: If I file for bankruptcy, my home, car, and personal property will be taken. A planned foreclosure or repossessed property can be prevented right away with either a Chapter7bankruptcy or a Chapter 13 bankruptcy.
The following list explains the differences between Chapter7 and Chapter 13 bankruptcies, which can help you determine which type would be best in certain circumstances: The main difference between Chapter7 and Chapter 13 is that the latter is more of a repayment program while the former typically involves complete liquidation of nonexempt assets.
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