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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.
This includes credit card debt, so try to avoid racking up a substantial balance this season. Those who are about to file for bankruptcy should also avoid accumulating substantial debt. Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it.
Have additional questions regarding bankruptcy or reaffirming secureddebts? A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. There is a Chapter 13 Plan that controls how various debts are treated.
Chapter 7 bankruptcy is appropriate for unsecured debtors. If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secureddebt. . Collateral guarantees debt repayment.
Filing for bankruptcy is often a necessary yet scary and confusing process for debtors. No one plans to accumulate so much debt that they can’t pay it back, but things happen. 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.
Have you lost all hope of recovering a long-overdue debt? You’ve tried everything in your power, but the debtor doesn’t respond or keeps making excuses to buy more time. You might be preparing to write off these dues as bad debts — but there is still light at the end of the tunnel. Why Hire a Collections Attorney?
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. Usually during a Chapter 13 you only pay off part of your debts. appeared first on Credit.com.
When You Have Too Much Debt to Handle Sometimes debt can pile up to the point where making even minimum payments feels impossible with your current income. Credit card balances, personal loans, and other unsecured debts can quickly spiral out of control, especially when combined with secureddebts like a car loan or mortgage.
Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC.
However, because assets do not secure these debts, bankruptcy may help eliminate them. Understanding unsecured debt is the first step toward managing your finances better. To qualify for Chapter 7 bankruptcy, debtors must pass a means test that compares their income to their state’s median income.
Find Out the 10 Common Questions About Bankruptcy with Colorado Bankruptcy Lawyers. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment. What Should I Consider Before Filing for Bankruptcy?
Bankruptcy laws are in place to protect not just the debtor, but also the creditors. Secureddebts can be discharged. Hiring a bankruptcy lawyer at The Law Office of Clark Daniel Dray can make all the difference in how your case plays out. appeared first on Denver Lawyer Clark Daniel Dray.
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). What’s Wrong with Repaying Family or Friends Before I File for Bankruptcy?
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