Sawin & Shea

MARCH 7, 2023

At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas. What is Chapter 7 Bankruptcy? Will All of My Debt Get Discharged? Will I Lose My Property When I File Chapter 7 Bankruptcy?

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Roths Child Law

JANUARY 14, 2022

Here is more on what you need to know about dischargeable and nondischargeable debt before filing for Chapter 7 bankruptcy. Which debts will you be left with? In most cases, unsecured debts are usually discharged by filing for Chapter 7 bankruptcy.

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Debt Free Colorado

DECEMBER 23, 2024

Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral. In this article, we will explore the types of unsecured debts that bankruptcy can erase.

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Sawin & Shea

OCTOBER 26, 2022

In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Credit card debts. Unlike unsecured personal loans, secured loans involve some form of collateral that the lender can repossess if the borrower fails to make payments. Repossession deficiency claims.

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Roths Child Law

JUNE 17, 2021

Situations such as these may call for debtors to file bankruptcy. You'll need to pass the means test to qualify to file Chapter 7 bankruptcy. Bankruptcy Court conditions its decision about whether to let a debtor file Chapter 7 bankruptcy on whether they pass their means test.

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Sawin & Shea

AUGUST 24, 2022

You’ve likely heard about Chapter 7 and Chapter 13 bankruptcy — as they are the most common types and are available to individuals — but how do they differ? Chapter 7 bankruptcy liquidates your assets in order to discharge unsecured debts, such as medical bills and credit card debt.

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Sawin & Shea

NOVEMBER 15, 2023

Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. First, let’s briefly touch on two of the most common types of bankruptcy: Chapter 7 and Chapter 13. What’s the Difference Between Chapter 7 and Chapter 13?

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Debt Free Colorado

DECEMBER 9, 2021

You should get legal assistance from a knowledgeable bankruptcy attorney in Denver. The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Chapter 7 (Liquidation). Advantages of Chapter 7 Bankruptcy. Disadvantages of Chapter 7 Bankruptcy.

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Sawin & Shea

JANUARY 25, 2022

While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. 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.

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Sawin & Shea

DECEMBER 7, 2022

When filing for Chapter 13 bankruptcy, your home’s mortgage payments will be restructured into your repayment plan, and creditors will not be able to repossess your home or take legal action against you thanks to the bankruptcy automatic stay. Secured debts refer to debts with collateral, such as a home or car.

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Roths Child Law

JANUARY 13, 2022

With Chapter 13 bankruptcy, you’ll be able to repay your debts within 3 to 5 years. Chapter 13 bankruptcy takes more time than Chapter 7 bankruptcy, but it will let you keep everything you own. The Chapter you choose must be based not only on your preference but also on your eligibility.

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Debt Free Colorado

JUNE 18, 2024

You may be considering Chapter 7 bankruptcy. Consulting with a Chapter 7 bankruptcy attorney in Boulder, CO, can help determine if it is the right solution. Our blog will provide a general overview of Chapter 7 bankruptcy. Filing for Chapter 7 bankruptcy triggers an automatic stay.

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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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Credit Corp

MAY 3, 2023

However, we’ve provided some basic answers below to the question, “What is the difference between Chapter 7, 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?

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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 Am I Obligated to Pay in My Chapter 13 Plan?

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Roths Child Law

MARCH 2, 2023

The type of bankruptcy filed determines the reporting rules In general, delinquent counts and other blemishes on someone's credit report will only stay on that report for seven years. However, the rules are a bit different for bankruptcy. Technically, a Chapter 13 bankruptcy could also drag down a credit score for roughly a decade.

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Sawin & Shea

AUGUST 31, 2022

The ramifications of this kind of cycle of debt can be serious for your long-term financial health as well as your short and long-term physical and mental health. Filing for Chapter 7 bankruptcy can discharge (get rid of) medical debts as well as other unsecured debts as long as you have a low enough income to qualify for it.

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Sawin & Shea

MAY 24, 2023

Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and protects certain assets you may possess. Briefly, unsecured debts are not backed by any collateral. Credit card and medical debt are examples of unsecured debt.

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Sawin & Shea

JULY 22, 2020

Debts like credit card bills and medical bills often can be eliminated after receiving just cents on the dollar, giving you some breathing room so you can become financially stable. Every Chapter 13 repayment plan is unique and is based on your individual situation. How Long Does A Chapter 13 Bankruptcy Plan Take?

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Roths Child Law

AUGUST 14, 2023

Although discharging your student loans through bankruptcy is typically not an option, you may still be able to discharge credit card debt, medical expenses, late utility bills and other unsecured debts. For many people, Chapter 7 bankruptcy is frequently regarded as their best choice.

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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. Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. What Is Chapter 7 Bankruptcy?

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Sawin & Shea

MARCH 9, 2021

Imagine that you have $25,000 worth of old debt you’ve been trying to pay off for years, but are making very little progress. This is a common scenario because the average American has $90,000 in total debt , about $20,000 of which is unsecured debt like medical bills and credit card debt.

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Sawin & Shea

MAY 2, 2024

One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter 13 bankruptcy options. When You Have Too Much Debt to Handle Sometimes debt can pile up to the point where making even minimum payments feels impossible with your current income.

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Sawin & Shea

MARCH 9, 2022

Before filing for bankruptcy, you need to consider your unique circumstances as well as different factors indicating whether bankruptcy is right for you. Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral.

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Direct Recovery

AUGUST 27, 2021

But at the end of the day, the numbers show that bankruptcy is way more common here in the Golden State than anywhere else in the country. Chapter 7 Bankruptcy Rates in California. Chapter 7 bankruptcy deals exclusively with unsecured debt. Chapter 11 Bankruptcy Rates in California.

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Sawin & Shea

OCTOBER 20, 2021

Filing Again After Chapter 7 Bankruptcy. If you plan to file again after previously filing a Chapter 7 bankruptcy the following time limits apply. Keep in mind that waiting periods are only required if a previous debt was discharged. Filing Successive Chapter 7 Bankruptcy Cases.

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Sawin & Shea

OCTOBER 20, 2021

Filing Again After Chapter 7 Bankruptcy. If you plan to file again after previously filing a Chapter 7 bankruptcy the following time limits apply. Keep in mind that waiting periods are only required if a previous debt was discharged. Filing Successive Chapter 7 Bankruptcy Cases.

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Sawin & Shea

NOVEMBER 17, 2021

How Are Utility Bills Handled in Chapter 7 Bankruptcy? In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans.

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Sawin & Shea

NOVEMBER 17, 2021

How Are Utility Bills Handled in Chapter 7 Bankruptcy? In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans.

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Debt Free Colorado

NOVEMBER 28, 2024

The two most common types are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy The liquidation process is managed by a trustee who sells non-exempt assets to pay creditors. This enables debtors to keep important items while addressing their debts. Many personal assets may be exempt.

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Sawin & Shea

JULY 28, 2021

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.

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Debt Free Colorado

JANUARY 20, 2024

Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts. Medical bills are typically considered unsecured debts.

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Sawin & Shea

JANUARY 12, 2022

They can help you throughout the entire process and even after the bankruptcy has ended when you are trying to get back on your feet. How Debt Discharge Works. The type of bankruptcy you file will determine how your debts are handled. Debts That Can Be Eliminated.

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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. How does the court divide debts?

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Roths Child Law

JULY 17, 2023

After all, they have probably endured aggressive collection efforts for months at the point that they file for bankruptcy and may feel anxious every time they answer the phone or go to the mailbox, to describe their situation mildly.

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Sawin & Shea

AUGUST 23, 2023

Bankruptcy Explained Bankruptcy is a powerful legal process that can help individuals or businesses that are overwhelmed by debt get a fresh start and a path to rebuild. Chapter 7 is also known as the “liquidation bankruptcy” because it allows individuals to liquidate all non-exempt assets to help pay off their debt.

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