Debt Free Colorado

FEBRUARY 24, 2025

Secured debt, like financed electronics or furniture, may require repayment or repossession. Complete a Debtor Education Course After your 341 Meeting, you must take a second financial education course. The creditor can repossess the item if the debt is not repaid. What Is Bankruptcy Chapter 7?

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Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay.

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FFGN COLLECT NY

NOVEMBER 21, 2022

Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. This would require the debtor to deliver the item(s) to the secured party.

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Sawin & Shea

DECEMBER 7, 2022

Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it. Some debtors attempt to avoid the luxury item bankruptcy provision by taking a cash advance on their credit card, but this will also likely not work.

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Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Sawin & Shea

NOVEMBER 15, 2023

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. 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. What is the difference?

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Qualco

NOVEMBER 7, 2023

These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income. This method allows a servicer to initiate legal proceedings to pressure a debtor while negotiating an extrajudicial settlement.

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Sawin & Shea

DECEMBER 21, 2023

For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. It is one of the fundamental debtor protections under the Automatic Stay in the Bankruptcy Code. Within 30 days of filing bankruptcy, a debtor must file a Statement of Intent regarding secured property.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment.

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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. [i]

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Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey. any act to.

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Debt Free Colorado

DECEMBER 9, 2021

Chapter 7 bankruptcy is appropriate for unsecured debtors. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. Disadvantages of Chapter 7 Bankruptcy. This is a secured obligation.

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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. Bankruptcy law was created to give debtors a true fresh start and pathway to rebuilding wealth.

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Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien.

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Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first. Which creditors can they pay?

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Sawin & Shea

JUNE 7, 2023

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. For example, a parent or another family member may become a co-signer for a low-credit borrower so that the primary debtor can obtain a desirable loan.

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Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

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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. That being said, most creditors allow debtors to reaffirm their secured debts, which means you can keep the property so long as you are current on payments.

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Sawin & Shea

JUNE 21, 2023

When filing for Chapter 13, debtors don’t immediately discharge their debts. They may suspect that the debtor committed fraud or tried to deceive the court or their creditors in another way. Courts can punish this behavior by dismissing a case with prejudice, making it harder for the debtor to refile.

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Debt Free Colorado

MARCH 3, 2023

This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time. What Can’t Bankruptcy Do?

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Consumer Financial Services Law

DECEMBER 29, 2016

Such advice would violate the Rules of Professional Conduct, since the attorney for the creditor may not also provide legal advice to the debtor. Also, on an auto loan, there could be more than one missed payment, followed by a repossession, followed by a sale of the collateral and establishment of a deficiency balance.

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Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable. Fortunately, you can obtain a secured card that includes collateral.

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BN Lawyers

MARCH 23, 2020

These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. If so, the company may qualify as a small business debtor under the Small Business Reorganization Act of 2019 (the “ SBA ”). Lessors are the parties who lease property used in the business.

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Debt RR

DECEMBER 13, 2019

Many businesses are both debtors and creditors. Missing payments on secured debt causes the creditor to repossess the property as recourse. If collateral is seized, it often occurs in court, leaving a record for other partners and vendors to dig up. That’s why it behooves everyone to understand debt restructuring.

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