Sawin & Shea

MARCH 13, 2024

Have additional questions regarding bankruptcy or reaffirming secured debts? 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.

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Titan Consulting

AUGUST 23, 2020

Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. The bankruptcy trustee will sell any non-exempt assets to repay debtors before a discharge occurs. In many cases, you will lose secured assets such as your home and vehicles.

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Qualco

APRIL 15, 2024

A CHANGING CREDIT LANDSCAPE Over the past five years, there has been a significant increase in the usage of unsecured credit products, such as personal loans and credit cards, particularly following COVID- 19 and the rising cost of living.

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Sawin & Shea

AUGUST 23, 2023

Chapter 7 is also known as the “liquidation bankruptcy” because it allows individuals to liquidate all non-exempt assets to help pay off their debt. Most Debtors, however keep everything they have. Unlike Chapter 7 bankruptcy, Chapter 13 allows debtors to create a repayment plan over three to five years.

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Sawin & Shea

MAY 2, 2024

If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecured debts, such as credit card balances, medical expenses, and personal loans, within a matter of months. However, certain debts like child support, alimony, and other domestic support obligations cannot be eliminated.

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Sawin & Shea

JANUARY 5, 2022

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. Pre-Petition Debts. If you are looking to add a creditor from a debt incurred prior to filing bankruptcy, it will be considered a pre-petition debt.

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Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed.

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Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy. Student Loans.

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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.

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Sawin & Shea

APRIL 10, 2024

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. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy.

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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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Credit Corp

MAY 3, 2023

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. Priority and secured debts, such as taxes or auto loans, are paid in full. The plan must be approved by a Trustee appointed by the court.

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Sawin & Shea

APRIL 12, 2023

However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Who Is an Insider?

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The Creditors Rights

MAY 24, 2016

The debtor’s argument was that the default was “cured” because it was paid with a new loan; therefore, under the Ninth Circuit’s decision in Great Western Bank & Trust v. The bankruptcy court agreed with the debtor, concluding the new loan under the plan “paid” the debt within the meaning of Entz-White , and confirmed the plan.

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Collection Industry News

DECEMBER 21, 2020

Under the CBRA, consumer debtors will still be examined at 341 meetings, but those meetings can be conducted remotely. Three Types of Chapter 10 Plans: “Residence” and “Property” Plans for Repayment of Secured Debts and General Repayment Plans for Unsecured Debts. Debtors’ Attorneys Paid over Time.

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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. Bankruptcy wipes out all debts and gives you a fresh start. 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.

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Debt RR

DECEMBER 13, 2019

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. That’s why it behooves everyone to understand debt restructuring. Some level of distressed debt can be forgiven, although that’s far from the only option.

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Debt Free Colorado

DECEMBER 23, 2024

Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. These debts have no collateral, so creditors cannot take your property without going to court first. Late utility bills also count as unsecured debt. Some debts stay with you even after bankruptcy.

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