Remove Credit Card Debt Remove Judgment Remove Secured debt
article thumbnail

How are Medical Bills Treated in Chapter 13 Bankruptcy?

Sawin & Shea

It is difficult to know exactly how many because often people will use credit cards to pay off medical or other bills when they are struggling with debt, and so the reason on a survey may be “credit card debt” even though the situation began as medical debt. We are here to help.

article thumbnail

How Long Will Chapter 13 Delay Foreclosure?

Sawin & Shea

Chapter 7 bankruptcy liquidates your assets in order to discharge unsecured debts, such as medical bills and credit card debt. If you’re eligible to file under Chapter 7 and only have unsecured debts, this may be your best course of action. If you fail to make your payments, the lender can recover the collateral.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.

article thumbnail

Mistakes to avoid when filing for personal bankruptcy

Roths Child Law

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. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.

article thumbnail

Discharge in Bankruptcy – Bankruptcy Basics

Sawin & Shea

You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle). Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts. Most federal student loans.

article thumbnail

How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

While the process can seem daunting, partnering with the right legal team can make all the difference in navigating the complexities of the law and securing the fresh start you deserve. 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.