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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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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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

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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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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Burr Forman

OCTOBER 30, 2020

Anna is an associate in the Birmingham office where she practices in the firm’s Creditors’ Rights and Bankruptcy group. At Burr, Anna represents both creditors and debtors to enforce or restructure debt obligations. Those who are named to BBJ’s “Rising Stars of Law” are recognized as up-and-coming attorneys under the age of 40.

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Sawin & Shea

MARCH 13, 2024

In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? 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.

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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. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly.

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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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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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Titan Consulting

SEPTEMBER 2, 2020

Credit Counseling agencies recommend debt management plans or DMPs. You make one monthly payment to the program, and the agency pays your creditors based on an approved schedule. Lastly, converting unsecured debt to secured debt gives creditors additional means to collect on the debt, including foreclosing on your home.

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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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UK debt collections

APRIL 28, 2021

Households that are entered onto the respite scheme will see their debts frozen with no interest to be added. As part of the deal, they must mediate with the creditors to get their payments back on track. Most debts” will be covered by the scheme according to gov.uk, including: Credit cards. Debts from fraud.

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Credit Corp

MAY 3, 2023

Through the bankruptcy, the debtor restructures and then creates and implements a plan to pay back creditors. In reality, they can take years and involve numerous legal proceedings on behalf of the person or business filing as well as the Trustee and creditors. The Trustee’s office then pays various creditors.

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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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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

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.

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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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Sawin & Shea

APRIL 12, 2023

Unsecured debt includes things like credit card debt, medical debt, and personal loans. Chapter 13 takes into account your financial situation before filing for bankruptcy, too, but mainly focuses on developing a payment plan to address secured debt (which includes things like your house or car). Who Is an Insider?

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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

AUGUST 23, 2023

With Chapter 13, your debt would be restructured and you would make a monthly payment to a bankruptcy trustee. Once the trustee receives these funds, they then pass them on to creditors to put toward your debt. Filing Chapter 13 is most beneficial for those who want to keep any non-exempt assets they may have.

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The Creditors Rights

MAY 24, 2016

The Ninth Circuit BAP recently discussed on appeal the issue of whether a bankruptcy court may use the “fair and equitable” standard for confirmation in § 1129(b) to deny an oversecured creditor default interest on its claim to which it would otherwise be entitled under § 506(b). In Wells Fargo Bank, N.A. 819 (9 th Cir.

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Debt RR

JANUARY 24, 2020

Secured debt: If a business receives a loan or other credit — like a credit card — because of specific assets or liquid collateral, they have secured debt. Though more uncommon than equipment leases and unsecured debt, some businesses are able to acquire secured credit options.

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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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Debt Free Colorado

DECEMBER 23, 2024

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.

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Sawin & Shea

AUGUST 9, 2023

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, secured debt means the borrower has put up collateral (e.g.

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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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Hudson Weir

SEPTEMBER 4, 2023

A debt relief order typically lasts for 12 months. You stop making repayments during these 12 months and after that, you won’t have to pay back the debts either. But crucially, there are several restrictions imposed as part of a debt relief order too. There are other restrictions too.

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ABI

JANUARY 12, 2022

In general, under principles of equitable subordination, a court may subordinate the claims of a creditor for conduct that is unfair to the other creditors of a bankruptcy estate. The pertinent misconduct must benefit the creditor that engaged in misconduct or harm the other creditors’ position in the bankruptcy estate.

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Collection Industry News

DECEMBER 21, 2020

Currently, Chapter 7 allows consumers with nominal disposable monthly income to discharge their debts after liquidating any non-exempt assets to repay their creditors. Chapter 13 provides for consumers to discharge their debts after paying their disposable income to creditors under a three- or five-year repayment plan.

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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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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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Debt Free Colorado

DECEMBER 30, 2023

Chapter 7 Bankruptcy In Chapter 7, where non-exempt assets may be liquidated to pay creditors , IRAs are often protected up to a specific limit. Instead, they work out a plan to repay creditors over time. Federal law provides significant safeguards for these plans , ensuring they are not easily liquidated to satisfy creditors.

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Taurus Collect

FEBRUARY 24, 2023

It is also essential to keep in mind that debt collectors must adhere to a strict code of conduct when dealing with debtors, and while they are entitled to ask for payment they must not resort to tactics such as threats or harassment in order to secure debt repayment.

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PBWT

MAY 4, 2021

The debtor filed a Chapter 13 bankruptcy petition and shortly thereafter was informed that his case was subject to dismissal because his liabilities exceeded the then-current secured debt limit. The debtor filed neither, and failed to appear at a subsequent scheduled meeting of creditors.

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Collections Law

JULY 1, 2020

Instead, they will help you collect on the debt by filing a lawsuit against the debtor, seeking and obtaining attachments on the debtor’s assets, and even garnishing their wages post-judgment so that you can get paid for your judgment debt. Unlike Others, We Aggressively Seek Pre-Judgment Attachments to Secure Debt Recovery.

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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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