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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.
Working with a lawyer will help ensure you get the most benefit from your case, and they can answer any questions and help alleviate your concerns. If for some reason you realize that you forgot to add a creditor after you have already filed, your attorney can help you understand your options. Pre-Petition Debts.
If you make a luxury purchase of over $600 within 90 days of filing for bankruptcy, creditors will request for the bankruptcy court to not discharge the debt. With Chapter 7 bankruptcy , you reaffirm your secureddebts while discharging unsecured debts.
Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. Creditors are prohibited from contacting you after your petition is filed. Chapter 7 is a disaster when it comes to secureddebt. . Chapter 13 (Reorganization).
Additionally, you can discharge a loan regardless of whether the original lender has the loan or whether the lender sold it to a collection agency or debt buyer. Even if a creditor has initiated a wage garnishment you can still discharge the unsecured loan in Chapter 7 bankruptcy. Contact Indiana Bankruptcy Attorneys.
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.
It’s typically a good idea to consult an experienced bankruptcy lawyer before you file a bankruptcy petition. Through the bankruptcy, the debtor restructures and then creates and implements a plan to pay back creditors. The Trustee’s office then pays various creditors. What Is Chapter 7 Bankruptcy?
In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secureddebts? It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor.
This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral. If you fail to pay, creditors cannot take your belongings. In this article, we will explore the types of unsecured debts that bankruptcy can erase. Unsecured debt can be stressful.
Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. Creditors cannot reclaim any of your property if you default on a loan. However, secureddebt means the borrower has put up collateral (e.g. Do I Need a Lawyer to File for Bankruptcy?
When a business or an individual cannot meet financial responsibilities or pay to creditors, there is an option to declare bankruptcy. Bankruptcy is a legal process to discharge debt and starts with a bankruptcy petition filed in court. Bankruptcy laws are in place to protect not just the debtor, but also the creditors.
This is different from Chapter 7 bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan. A major benefit of Chapter 13 bankruptcy is that it allows the filer to catch up on missed mortgage, car loan, and other secureddebt payments by incorporating them into the repayment plan.
Chapter 13 takes into account your financial situation before filing for bankruptcy, too, but mainly focuses on developing a payment plan to address secureddebt (which includes things like your house or car). Meaning, you have prioritized payments to family and friends over all other creditors, which is not allowed.
Find Out the 10 Common Questions About Bankruptcy with Colorado Bankruptcy Lawyers. Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? Are My Creditors capable of appealing My Bankruptcy? What Debts are Discharged in Bankruptcy? What Can’t Bankruptcy Do?
For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC. Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. They cannot take legal action against you or seize your assets.
A debtor who is unwilling to pay has to be pursued much more aggressively, and our diligent debt collection attorneys have the skills and knowledge to make this happen. There are several reasons why a business should hire an experienced collections lawyer who focuses on debt collection. Why Hire a Collections Attorney?
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