This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
If you’re struggling with debt and considering bankruptcy, speaking with a bankruptcy lawyer can help you determine your best options and give you some clarity on how the process works. At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas.
Don’t Accumulate Any More Debt. If you’re already in the middle of filing for bankruptcy, any new debt that you accumulate will not be discharged. This includes creditcarddebt, so try to avoid racking up a substantial balance this season. Secureddebts refer to debts with collateral, such as a home or car.
In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Creditcarddebts. 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.
Creditcarddebt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. But can you file for bankruptcy on creditcards only ?
If you have a large amount of creditcarddebt 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 secureddebt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.
Unsecured Debts in Chapter 7 Bankruptcy In Chapter 7 bankruptcy , most unsecured debts can be wiped away completely. This type of bankruptcy often eliminates creditcarddebt, medical bills, and personal loans. Chapter 7 bankruptcy remains on credit reports for 10 years.
In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secureddebts? Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secureddebt like houses or cars.
It’s typically a good idea to consult an experienced bankruptcy lawyer before you file a bankruptcy petition. Usually during a Chapter 13 you only pay off part of your debts. Priority and secureddebts, such as taxes or auto loans, are paid in full. The Trustee’s office then pays various creditors.
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. Creditcard balances, personal loans, and other unsecured debts can quickly spiral out of control, especially when combined with secureddebts like a car loan or mortgage.
In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Unsecured debt includes things like creditcarddebt, medical debt, and personal loans. What’s Wrong with Repaying Family or Friends Before I File for Bankruptcy?
For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. You’ll then be able to discharge the balance of eligible debts, such as creditcarddebt and medical bills.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content