Remove Credit Card Debt Remove Lawyers Remove Unsecured Creditor
article thumbnail

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

Debt Free Colorado

Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts. medical debt .

article thumbnail

What Assets Do You Lose in Chapter 7?

Sawin & Shea

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 credit card debt and medical bills.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

Chapter 13 Bankruptcy Discharge Once you complete paying off your repayment plan over three to five years, the court will discharge your eligible debts. The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets.

article thumbnail

How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

After bankruptcy, you can obtain new credit through a secured credit card or borrow more money through other means without old obligations weighing you down. Bankruptcy legal fees are an investment in finally resolving your debt for good. Dischargeable debts are those that can be eliminated through bankruptcy.