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 13 is a debt reorganization that requires you to repay debts within three to five years. Call creditors as soon as you have a shortfall. Take advantage of payment waivers.

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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. Rather than settlements or minimum payments to each creditor, a single payroll deduction is made to fund your plan over 3-5 years.

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Sawin & Shea

JANUARY 25, 2022

What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral. If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. Examples of Secured Debts.

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Sawin & Shea

DECEMBER 21, 2023

It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation.

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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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Sawin & Shea

NOVEMBER 15, 2023

If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. Chapter 13 involves commitment from the declarer to repay a portion of their debt over a specified period (usually three to five years).

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Better Credit Blog

FEBRUARY 11, 2022

If you’re on the brink of bankruptcy, a final option before filing is to try the services of a debt settlement firm. These companies aim to reduce the amount of money you owe by negotiating a lower fee with creditors, which makes getting back into the black more affordable. No unexpected bill once you’re free from debt.

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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. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Debt Free Colorado

JANUARY 10, 2022

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.

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Sawin & Shea

FEBRUARY 21, 2024

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 secured debt payments by incorporating them into the repayment plan.

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Sawin & Shea

AUGUST 30, 2023

This will immediately stop your creditors from being able to contact you to demand payment. You and your bankruptcy attorney will next attend either a creditor meeting or a 341 hearing with your court-appointed bankruptcy trustee. Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts.

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Debt RR

DECEMBER 13, 2019

Debts can quickly cripple a business, and negotiating more favorable terms with creditors is usually the best way out. Businesses restructuring debt typically do so because they’re having trouble meeting obligations, and it goes both ways. Many businesses are both debtors and creditors. Past-Due Secured Debt.

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Sawin & Shea

JANUARY 11, 2024

Staring down mountains of debt can feel overwhelming. Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Bankruptcy filings for both individuals and businesses are on the rise. There are some key differences between these two types of bankruptcy.

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Sawin & Shea

JUNE 14, 2023

Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future. If you’re legally responsible for joint debts along with your spouse, creditors can continue pursuing the debt after your divorce.

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Debt Free Colorado

MARCH 3, 2023

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? What Should I Consider Before Filing for Bankruptcy? Lastly, Do I require Legal Counsel to File for Bankruptcy?

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Sawin & Shea

APRIL 10, 2024

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. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. Indiana’s median income changes from year to year.

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