Sawin & Shea

JUNE 14, 2023

Because so many struggle financially after divorce, it’s common for individuals to declare bankruptcy before or after their marital dissolution. Here’s what you need to know about bankruptcy and divorce. As we mentioned above, Chapter 13 involves consolidating your existing debts into a realistic three- to five-year repayment plan.

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Sawin & Shea

FEBRUARY 21, 2024

This is different from Chapter 7 bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan. This helps prevent repossession or foreclosure. Income limits vary by state and household size but are generally higher than those imposed on Chapter 7 bankruptcy.

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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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Roths Child Law

DECEMBER 15, 2021

One option that you have is to file for bankruptcy. This gives you the chance to take care of your debts and start fresh. If you file a Chapter 7 bankruptcy, your non-exempt debts are liquidated so creditors can receive some payment for your accounts. Credit cards are one of the more common unsecured debts.

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Roths Child Law

JANUARY 31, 2023

It is important that you understand how these types of bankruptcies differ. If you are seeking to discharge unsecured debts like medical debts, credit card debts and unsecured loans, then you need to file for Chapter 7 bankruptcy. Bankruptcy can give you a fresh start.

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Sawin & Shea

AUGUST 30, 2023

It is a legal way of either consolidating or discharging allowable debts in order to get a fresh start. Although businesses can also declare bankruptcy, we will focus on personal bankruptcy in this article. After taking a means test, you will file papers and a petition with the bankruptcy court. Alimony payments.

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Debt Free Colorado

JANUARY 10, 2022

Individuals and corporations can choose this option, but they must pass the Chapter 7 Means Test to calculate their monthly discretionary income. They can file for Chapter 7 if their disposable income is low enough. Advantages and Disadvantages of Bankruptcy Chapter 7. Secured debts can be discharged.

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Titan Consulting

AUGUST 23, 2020

You must qualify to file for bankruptcy, and your income must meet an income means test. If you do not qualify for a Chapter 7 bankruptcy 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.

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Sawin & Shea

MARCH 9, 2022

Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts.

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Sawin & Shea

JULY 15, 2020

A Chapter 13 can help you get caught up on houses and cars, help you hang onto property that might be taken and liquidated in a Chapter 7 case, and help people with debts that are not eligible for a Chapter 7 bankruptcy for one reason or another. What Kind of Paperwork Will I Have to File?

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Sawin & Shea

JANUARY 11, 2024

Chapter 13 Bankruptcy There are 6 types of bankruptcy, but two of the most common types are Chapter 7 and Chapter 13. Each type of bankruptcy is named after the chapter of the code that describes it.) There are some key differences between these two types of bankruptcy.

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Sawin & Shea

JANUARY 25, 2022

However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral.

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Debt Free Colorado

MARCH 3, 2023

There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed. Chapter 7 is known as liquidation in bankruptcy legislation.

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Debt RR

DECEMBER 13, 2019

Past-Due Secured Debt. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Debt can also be secured using intellectual property, equity, and other soft debt. Missing payments on secured debt causes the creditor to repossess the property as recourse.

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