Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Sawin & Shea

JUNE 7, 2023

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. For example, a parent or another family member may become a co-signer for a low-credit borrower so that the primary debtor can obtain a desirable loan.

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Debt Free Colorado

DECEMBER 9, 2021

Chapter 7 bankruptcy is appropriate for unsecured debtors. Complete protection from creditors – This includes wage garnishment and debt collection. personal loans, personal loans, delinquent income tax obligations, . It’s a relatively straightforward technique to eliminate the majority of your debt. .

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Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. If a debt is unsecured, no collateral is put up as a guarantee to pay.

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Sawin & Shea

MAY 2, 2024

With a deep commitment to personalized service, we take the time to understand your unique circumstances and tailor our approach to your specific needs. This powerful solution can immediately halt creditor harassment, wage garnishments, and lawsuits, allowing you to breathe a sigh of relief and regain control of your financial life.

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Sawin & Shea

SEPTEMBER 27, 2023

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. Debtors have rights and protections under these laws to prevent harassment, false representations, or unfair practices by debt collectors.

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Sawin & Shea

JANUARY 25, 2022

Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed. If an agreement cannot be reached between the debtor and the debt collector, the lender will likely file a lawsuit against you. With unsecured debt, there is no lien or security interest agreed upon. Examples of Unsecured Debts.

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