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If you’re struggling with overwhelming debts, Chapter7bankruptcy could be your best option. Chapter7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. What is Chapter7Bankruptcy?
At Sawin & Shea, LLC, our Chapter7Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas. What is Chapter7Bankruptcy? When you file a Chapter7bankruptcy, it is only your unsecured debts that will be eligible for discharge.
In this article, we will walk you through Indiana debt collection laws and some of the many exemptions that help you keep your personal, real, or intangible assets when you file for a Chapter7 in the State of Indiana. What is Chapter7Bankruptcy? The post What Can I Keep if I File For Chapter7Bankruptcy?
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.
While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. StudentLoans. You should call your studentloan servicers about forbearance, which will temporarily stop or reduce your payments.
Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like studentloans, 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.
For example, if you have been having your wages garnished to pay back a persistent creditor, your employer would be aware that this is no longer necessary since you are in the process of Chapter7 or Chapter 13 bankruptcy. Will my bankruptcy show up on a pre-employment check?
Some debts stay with you even after bankruptcy. Studentloans, child support, recent taxes, and court fines must be paid in full. Debts from fraud also cannot be erased through bankruptcy, and creditors can fight to keep these debts active. When you file for bankruptcy, you enter a legal process.
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. Pros & Cons of BankruptcyBankruptcy, like other methods of debt management, has its benefits and drawbacks.
Professional Licenses and Loan Defaults While a bankruptcy filing alone shouldn’t ruin your chances of obtaining a license, defaulting on certain loans and debts can. It is against the law for an employer to fire you on the basis of your bankruptcy, and this includes both government and private employers.
Common types of unsecured debts include: Credit cards Studentloans Personal loans Medical debt Back rent Utility bills Child support. These remedies can include garnishing your wages and bank accounts and seizing and selling your non-exempt personal property. Examples of Unsecured Debts.
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.
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