Sawin & Shea

JANUARY 18, 2023

Unsecured debts are not backed by collateral, such as car payments and home mortgages. You’ll also need to supply the bankruptcy court with a list of creditors, an income statement, and copies of your tax records. Additionally, your creditors will not be allowed to contact you. What is Chapter 7 Bankruptcy?

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Debt Free Colorado

APRIL 9, 2020

Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Triage your finances.

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Sawin & Shea

MAY 2, 2024

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. Rather than settlements or minimum payments to each creditor, a single payroll deduction is made to fund your plan over 3-5 years.

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Sawin & Shea

NOVEMBER 15, 2023

If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay.

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PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view. .’

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Sawin & Shea

DECEMBER 21, 2023

It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation.

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Sawin & Shea

JANUARY 24, 2024

The court sells off your nonexempt assets and uses the proceeds to pay your creditors. Your assets are protected while you make monthly payments to creditors through the court. Equity loans put your home at risk as collateral. Chapter 13 bankruptcy sets up a 3-5 year repayment plan to pay back a portion of what you owe.

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Collections Law

JANUARY 13, 2023

The more debt they have out there, the smaller the slice each creditor can get, right? If your debtor hasn’t declared bankruptcy, there are several ways we can use to try to get you paid, even if you don’t have collateral or a court judgment yet. In some cases, we can garnish individual wages. Not necessarily.

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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. You will be assigned a trustee during the process who will review your assets and finances. Most people keep everything they have in Chapter 7 cases.

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Debt Free Colorado

DECEMBER 23, 2024

Unsecured debt is a type of debt that is not backed by collateral. If you fail to pay, creditors cannot take your belongings. These debts have no collateral, so creditors cannot take your property without going to court first. If you cannot pay, creditors may call or send letters demanding payment.

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Sawin & Shea

JUNE 7, 2023

The guarantor may be required to provide collateral or security to the lender to reduce the risk of the loan. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions. Unlike Chapter 7, filing Chapter 13 offers protections for co-signers.

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Debt Free Colorado

MARCH 10, 2021

UpRight’s delay resulted in a creditor garnishing more than $6,000 of the debtor’s wages. UpRight’s advice resulted in the debtors being sued by their automobile lender for conversion of its collateral.

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Sawin & Shea

JUNE 21, 2023

The Chapter 13 repayment plan consolidates your existing debts into a three to five-year plan to pay back your creditors, and initiating the process offers immediate protections, including an automatic stay, and allows you to keep all of your possessions. Filing for Chapter 13 bankruptcy can help you improve your financial situation.

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Sawin & Shea

JUNE 14, 2023

Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future. If you’re legally responsible for joint debts along with your spouse, creditors can continue pursuing the debt after your divorce.

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Debt Free Colorado

MARCH 3, 2023

Are My Creditors capable of appealing My Bankruptcy? Chapter 7 bankruptcy Given its straightforward and simple nature, Chapter 7 is sometimes referred to as straight bankruptcy since it involves selling the debtor’s assets, and splitting the money among creditors. What Can’t Bankruptcy Do? What Debts are Discharged in Bankruptcy?

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Collections Law

OCTOBER 5, 2020

Cohen LLC has used collection methods such as reach and apply injunction, wage garnishments (in the case of individual judgment debtors), and post-judgment discovery to help you collect your delinquent accounts receivables when your debtor won’t repay you willingly. These types of situations are where post-judgment collection comes into play.

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Collections Law

JULY 1, 2020

Instead, they will help you collect on the debt by filing a lawsuit against the debtor, seeking and obtaining attachments on the debtor’s assets, and even garnishing their wages post-judgment so that you can get paid for your judgment debt. A mechanic’s lien is collateral.

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Troutman Sanders

DECEMBER 20, 2022

Proposition 209 has been touted as a way to protect Arizonans with medical debt from bankruptcy, has set new exemption limits on property subject to debt collection, and has decreased the portion of a judgment debtor’s income subject to garnishment. The plaintiffs, led by the Arizona Creditors Bar Association, Inc.,

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