Sawin & Shea

JUNE 7, 2023

When a borrower applies for a loan or credit card, the lender will assess their creditworthiness by looking at their income, credit score, and debt-to-income ratio. If the lender is concerned about the borrower’s ability to repay the debt, they may require a co-signer. Considering Filing for Bankruptcy?

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Sawin & Shea

APRIL 26, 2023

If the creditor has your date of birth and social security number, they may be able to garnish your bank account and apply that money toward your debt balance. If that’s not possible for you, another option is to avoid it through Chapter 7 or Chapter 13 bankruptcy court.

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Credit Corp

JUNE 14, 2023

Lenders don’t necessarily continue to report activity for the entire limit. Pro tip: If you can’t pay your mortgage due to financial hardship, contact your lender as soon as possible. Hard inquiries occur when you apply for credit, like a new credit card, and your potential lender is evaluating your application.

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Debt Free Colorado

DECEMBER 23, 2024

This means the lender can take no property, like a house or car if you do not pay. Instead, lenders rely on your promise to pay back the money. However, because assets do not secure these debts, bankruptcy may help eliminate them. When you file for bankruptcy, you enter a legal process. What is Unsecured Debt?

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Sawin & Shea

MARCH 6, 2024

You still owe everything you owed before– you just have a new lender to repay. We regularly see people who have lost time, money, and points on their credit score only to get sued and be faced with garnishments while in these programs. Chapter 13 bankruptcy or debt consolidation vs. Chapter 7 bankruptcy are comparable.

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Credit Corp

MAY 1, 2024

Debt forgiveness is when a lender reduces or eliminates the amount you owe. File for Bankruptcy Bankruptcy is a legal process that allows you to eliminate some or all of your debts. You pass a means test designed to determine if an individual is abusing the bankruptcy system. What Is Debt Forgiveness?

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Sawin & Shea

NOVEMBER 15, 2023

What’s the Difference Between Chapter 7 and Chapter 13? Put simply, Chapter 7 is a liquidation while Chapter 13 is about reorganization. In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets.

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Sawin & Shea

JUNE 28, 2023

Do Not: Try to Transfer or Hide Assets If you’ve transferred any assets to another party before declaring bankruptcy, you’re not gaining any protection. If assets are transferred in anticipation of filing for bankruptcy, a trustee can recover those assets in a Chapter 7 bankruptcy since the transfer would rightfully be seen as fraudulent.

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed.

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Sawin & Shea

FEBRUARY 2, 2022

If a creditor does not want to participate, they can still pursue you in all the ways allowed by law including lawsuits and wage garnishments. There are many lenders out there that offer consolidation loans that allow you to pay off all of your creditors and simply combine the debt into one loan, with one lower payment and a reduced rate.

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Debt Free Colorado

MARCH 3, 2023

Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently. Since the effects are severe and long-lasting, bankruptcy is typically seen as the last option for managing debt. Chapter 7 is known as liquidation in bankruptcy legislation.

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Debt Free Colorado

MARCH 10, 2021

In one case, UpRight substantially delayed filing its client’s bankruptcy case for almost a year after it misrepresented that it had a local attorney who was licensed in Montana available to file the case. UpRight’s delay resulted in a creditor garnishing more than $6,000 of the debtor’s wages.

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