Sawin & Shea

MAY 5, 2021

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. You will be placed on a payment program lasting from 3-5 years that prioritizes your debts. #4.

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Debt Free Colorado

FEBRUARY 24, 2025

Most unsecured debts, including credit cards, can be erased through Chapter 7. The process takes a few months, and once complete, you are no longer responsible for repaying discharged debts. Chapter 7 bankruptcy in Colorado allows individuals and businesses to eliminate certain debts and get a fresh financial start.

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Debt Free Colorado

DECEMBER 9, 2021

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 secured debt. . The means test decides who can seek debt relief.

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Sawin & Shea

JANUARY 18, 2023

Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. What is Chapter 7 Bankruptcy?

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Sawin & Shea

JULY 15, 2020

Chapter 13, also known as personal reorganization bankruptcy, helps you create an affordable repayment plan to settle your debts. You won’t have to repay all of your debts in full but your plan will satisfy your creditors one way or another. In the meantime, they are restricted from hassling and contacting you.

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Debt Guru

JULY 19, 2020

You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. It works by getting one new loan and using that to pay off multiple existing creditors. So if you alter the habits that led to that debt and make your payments on time (every time!),

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Titan Consulting

AUGUST 23, 2020

In many cases, you may also lose certain secured assets like homes and cars in a liquidation to pay your creditors some of what you owe. Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. Take advantage of payment waivers.

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Sawin & Shea

JULY 28, 2021

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.

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Credit Corp

MARCH 12, 2025

Dealing with credit card debt is challenging, let alone facing a debt lawsuit.If the creditor wins the lawsuit, you may face serious financial repercussions. If you find yourself being sued by a debt collector, you may wonder how to get a credit card lawsuit dismissed.

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Credit Corp

APRIL 9, 2021

If so, the debt snowball method could be a simple way to pay down debt. Additionally, having zero unsecured debt is key if you’re wondering how to become financially independent. To be sure, you would only make the minimum payments on the rest of the loans. Is the Debt Snowball Method the Best?

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Credit Corp

MARCH 16, 2021

You have a habit of exhausting your credit limit quickly Whenever you are short of cash, you tend to take out a high-interest loan. You got married or had a sudden medical emergency for which your debt went out of your control. How to Control Your Debt Yourself. What kind of debts do you have? Look Where You Are.

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Sawin & Shea

JULY 22, 2020

It stops creditors from pestering you and halts repossessions and foreclosures while you work on creating a repayment plan that’s reasonable for you to repay based on your income and assets. It stops creditors from calling and otherwise contacting you. In fact, the U.S. What Is A Chapter 13 Repayment Plan?

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Titan Consulting

SEPTEMBER 15, 2020

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. You avoid calls because you don’t want to talk to creditors demanding payment on past due bills.

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Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment. Key Takeaways.

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Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

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Titan Consulting

SEPTEMBER 22, 2020

Non-profit and for-profit credit counseling agencies assist with budgeting, set up a debt management plan (DMP), and work with creditors to lower the interest rate on enrolled accounts. To qualify for credit counseling, you must be able to repay the full balance owed plus some interest of the unsecured debt within 60 months.

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Sawin & Shea

JANUARY 12, 2022

There are exemptions depending on the property and how essential it is, but anything considered nonexempt will likely be sold to help pay off your creditors. Instead of discharging most of your debt and using your personal property to pay off creditors, a reorganization plan is filed to dela with the debt. Student Loans.

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Roths Child Law

DECEMBER 15, 2021

If you’re in this position, you’re probably tired of the creditors calling you and sending you letters. This gives you the chance to take care of your debts and start fresh. If you file a Chapter 7 bankruptcy, your non-exempt debts are liquidated so creditors can receive some payment for your accounts.

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Credit Corp

AUGUST 24, 2021

This might include options such as budgeting, debt settlement, consolidation loans, or debt management programs. If you work with your credit counselor to set up a debt management plan (DMP), you will make a monthly payment to your credit counselor who will pay your creditors on your behalf. Debt settlement.

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Credit Corp

MAY 3, 2021

If you had debt forgiven last year, you may receive a 1099-C cancellation of debt tax form in the mail soon. What Does Canceled Debt Mean? Can a Creditor Collect after Issuing a 1099-C? How Does Cancellation of Debt Affect Taxes? What Does It Mean When a Debt Is Canceled? In This Piece. What Is a 1099-C?

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Better Credit Blog

JANUARY 20, 2022

The firm’s flagship service involves negotiating with creditors to reduce what you owe in exchange for paying off a certain amount as a lump sum. If you sign up to Freedom Debt Relief’s program, an advisor from the company will: Offer you a free financial evaluation as the first step. About Freedom Debt Relief. Ads by Money.

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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. However, certain debts like child support, alimony, and other domestic support obligations cannot be eliminated.

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. What types of debts can I lump together in a DMP? Secured debts, like your mortgage or car payments, aren’t covered.

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Sawin & Shea

APRIL 12, 2023

However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. 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. Who Is an Insider?

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ABI

JANUARY 13, 2022

In In re Marlena Joy Pizzo , the United States Bankruptcy Court for the District of South Carolina held that a debtor may voluntarily contribute to her retirement plan while paying creditors under a bankruptcy plan. [1] 14] Additionally, a substantial portion of Pizzo’s unsecured debts will be paid through her Chapter 13 plan. [15].

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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. They will then determine what, if any, non-exempt property they can seize and will use the proceeds from that property to repay a percentage to your creditors.

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Roths Child Law

JANUARY 31, 2023

If you are struggling to pay your debts, you have a number of options at your disposal. You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.

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Better Credit Blog

APRIL 11, 2022

Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability. What is Debt? Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans.

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Troutman Sanders

APRIL 27, 2023

Noting a rise in credit card delinquencies, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. According to the CFPB, civil judgments are “”both common and unevenly distributed.””

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Better Credit Blog

MAY 4, 2022

You can even lower the total amount you have to repay if your debt consolidation method offers a lower interest rate. There are several ways to consolidate debts. In this guide, we’ll walk you through your options and show you how debt consolidation could simplify your repayments and save you money. Debt Consolidation Guide.

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Sawin & Shea

NOVEMBER 17, 2021

When you are behind on payments to numerous creditors, you may decide to prioritize some payments over others, such as utility bills. However, it’s important to keep in mind that paying one creditor and not another can be seen as preferential treatment should you decide to file for bankruptcy.

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Sawin & Shea

NOVEMBER 17, 2021

When you are behind on payments to numerous creditors, you may decide to prioritize some payments over others, such as utility bills. However, it’s important to keep in mind that paying one creditor and not another can be seen as preferential treatment should you decide to file for bankruptcy.

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Roths Child Law

MAY 13, 2024

Chapter 7 Chapter 7 bankruptcy can eliminate most unsecured debts that aren’t secured by collateral, in the way that auto and home loans are. Since Chapter 7 does not allow for the restructuring of debts, it provides no mechanism to catch up on arrears. Nevertheless, this relief will be short-lived.

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Sawin & Shea

OCTOBER 11, 2023

Assets that do not fall within the statutory exemption values are liquidated and the proceeds used to pay your creditors something. However, the declarer is still responsible for paying non-dischargeable debt even after the process is complete. If a debt is secured, it means it is backed up by collateral property.

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Credit Corp

FEBRUARY 20, 2025

Maybe youve been hit with unexpected medical bills or accrued credit card debt over time. If youre struggling to keep up with your monthly payments, you might be considering debt settlement. Negotiating a debt settlement is a strategy where you work with your creditors to pay less than the amount you actually owe.

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Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. This plan states that you’re committed to paying back something to creditors in monthly installments, and you detail the minimum amount you’ll pay as well as the duration of the plan.

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Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce. This can also simplify the divorce process because you won’t have to divide your unsecured debts when going through dissolution proceedings.

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