Debt Free Colorado

FEBRUARY 24, 2025

Secured debt, like financed electronics or furniture, may require repayment or repossession. Complete a Debtor Education Course After your 341 Meeting, you must take a second financial education course. The creditor can repossess the item if the debt is not repaid. What Is Bankruptcy Chapter 7?

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Sawin & Shea

FEBRUARY 22, 2023

And although there are benefits to obtaining this type of mortgage, debtors often have to pay increased interest and monthly payments. These increased payments can put financial pressure on debtors, leading them to fall behind on their housing payments. An adjustable-rate mortgage is a home loan that features variable payments.

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios. Several member nations of the European Union have adopted this approach.

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Credit Corp

MAY 3, 2021

The bank repossesses the car, but you still owe $20,000 on it. If the car is worth $15,000, the bank can sell it and recover that much of the loan—leaving $5,000 of debt to be canceled. You buy a car for $30,000 and make a total of $10,000 in payments. You can no longer afford the payments and fall behind on payments.

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Sawin & Shea

MAY 26, 2021

This means each spouse is only responsible for their partner’s debt if they have voluntarily joined the debt, for example by co-signing on a loan. If you opt for Chapter 13, an automatic co-debtor stay prevents creditors from hassling either you or your spouse about shared debts. This is good news for Indiana residents.

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Sawin & Shea

MARCH 13, 2024

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. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 bankruptcy is appropriate for unsecured debtors. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.

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Sawin & Shea

APRIL 20, 2021

This allows them to begin the foreclosure process on your home, which will ultimately cause your home to be repossessed and sold at what is called a sheriff’s sale unless some type of intervention takes place. Federal law usually requires the lender to wait until the loan is 120 days past due. How Will I Know I’m Facing Foreclosure?

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Titan Consulting

AUGUST 23, 2020

The bankruptcy trustee will sell any non-exempt assets to repay debtors before a discharge occurs. Filers can typically retain the home and vehicle as long as you make payments on the loan. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt.

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Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. 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. Plus, being a co-signer can help a debtor build credit.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment. Automatic Stay Violations.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment. Automatic Stay Violations.

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Debt Free Colorado

MARCH 10, 2023

Short sales and loan modifications are viable alternatives to bankruptcy. You can never obtain a loan or a mortgage. At the beginning of the bankruptcy process, a petition is filed by the debtor or, less frequently, by creditors. The debtor often has minimal direct interaction with the judge unless a creditor complains.

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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. 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.

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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. Student loans are also difficult but not impossible to discharge in bankruptcy.

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Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first. Which creditors can they pay?

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Sawin & Shea

SEPTEMBER 13, 2023

During this process, the lender will typically repossess the house and then sell it off at a public auction. A bankruptcy, on the other hand, is a process that debtors can use to eliminate some of their debt or establish a payment plan for their debts so they can potentially save some of their assets or property.

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Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey.

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Debt Free Colorado

MARCH 3, 2023

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. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time. What Can’t Bankruptcy Do?

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

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Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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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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BN Lawyers

MARCH 23, 2020

These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. A lender who provided a secured loan for your kitchen equipment would have a difficult time profitably foreclosing on those assets. These creditors are not of equal importance.

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Debt Free Colorado

JANUARY 10, 2022

Bankruptcy laws are in place to protect not just the debtor, but also the creditors. Only student loans, taxes, and past-due child support are non-dischargeable. . After filing for bankruptcy, most people may apply for credit cards and auto loans. Mortgage and other secured loan defaulters will benefit from this initiative.

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Sawin & Shea

MARCH 20, 2024

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. They typically answer questions from a debtor about back taxes, filing annual tax returns, and tax penalties they may owe.

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Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.

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Consumer Financial Services Law

DECEMBER 29, 2016

Such advice would violate the Rules of Professional Conduct, since the attorney for the creditor may not also provide legal advice to the debtor. Also, on an auto loan, there could be more than one missed payment, followed by a repossession, followed by a sale of the collateral and establishment of a deficiency balance.

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Collection Industry News

JULY 20, 2020

The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. The group, which spent $780,000 lobbying federal officials last year, has worked to expand the industry’s ability to inundate debtors with robocalls and legal threats.

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Debt RR

DECEMBER 13, 2019

Many businesses are both debtors and creditors. Refinancing typically lowers monthly payments and interest rates in exchange for lengthening the timeframe of the loan. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Past-Due Secured Debt.

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Sawin & Shea

JUNE 21, 2023

When filing for Chapter 13, debtors don’t immediately discharge their debts. They may suspect that the debtor committed fraud or tried to deceive the court or their creditors in another way. Courts can punish this behavior by dismissing a case with prejudice, making it harder for the debtor to refile.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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Fico Collections

JANUARY 26, 2022

An approach that treats all debts and debtors the same, will not be as successful because there will be a significant number of consumers who owe money and have no ability to repay their debt. Student Loan Challenges. In December, the Federal Government extended the Student Loan Forbearance Period through January 31, 2021.

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