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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.
Chapter7 (Liquidation). Chapter7bankruptcy petitioners get a discharge from the bankruptcy court within three to four months. Creditors are prohibited from contacting you after your petition is filed. Advantages of Chapter7Bankruptcy. Disadvantages of Chapter7Bankruptcy.
Chapter7bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter7bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. What Is Chapter7Bankruptcy?
After listing all of your assets, your bankruptcy attorney will review the exemptions to see whether any of your assets are exempt. In Chapter7bankruptcy proceedings, the phrase “non-exempt property” refers to a debtor’s estate property that does not qualify for a statutory exemption.
If you own a home the consequences of a judgment against you are more significant as judgment creditors can place liens against your home. Either way, you should speak with an experienced debt relief attorney about strategies for dealing with unsecuredcreditors. Experian Credit Card and Debt Relief List. Student Loans.
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.
In this blog, we’ll discuss how Chapter 13 usually affects credit scores, and we’ll give you actionable tips to begin rebuilding your credit. If you have additional questions regarding Chapter 13 or Chapter7bankruptcy, contact the attorneys at Sawin & Shea, LLC.
Ultimately, the plaintiff filed for chapter7bankruptcy protection, listed the defendant as an unsecuredcreditor, and obtained a discharge of her debt. The plaintiff’s lawyer sent two faxes to the defendant providing notice that the plaintiff was represented by counsel.
However, while bankruptcy can help, it’s important to understand how the process works, especially concerning your medical debt. At Sawin & Shea, our team of Chapter7 and Chapter 13 bankruptcylawyers is here to help. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecuredcreditors.
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