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. Since 2005, a debtor education course from an approved provider is mandatory for anyone who files for bankruptcy.

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Debt Free Colorado

FEBRUARY 24, 2025

Most unsecured debts, including credit cards, can be erased through Chapter 7. The process takes a few months, and once complete, you are no longer responsible for repaying discharged debts. Most Chapter 7 bankruptcy cases include credit card debt, making it an effective way to erase unpaid balances.

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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. It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 bankruptcy is appropriate for unsecured debtors.

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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. Why is a Chapter 13 Bankruptcy Worse a Debt Settlement Program?

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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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ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . In In re Marlena Joy Pizzo , the United States Bankruptcy Court for the District of South Carolina held that a debtor may voluntarily contribute to her retirement plan while paying creditors under a bankruptcy plan. [1] 6] The court referred to 11 U.S.C. at *2 (quoting 11 U.S.C.

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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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Credit Corp

MAY 3, 2021

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 file for bankruptcy with $60,000 in unsecured debts, which are all discharged. That debt is also considered canceled. Not all debts that are canceled require a 1099-C.

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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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Debt Free Colorado

NOVEMBER 28, 2024

Quick Summary: Bankruptcy is a legal process that offers relief from overwhelming debt for individuals and businesses. Certain debts—such as credit card debt, medical bills, and personal loans—can be discharged. However, not all debts can be discharged. However, eligibility requires debtors to pass a means test.

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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

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. Where Do I Go From Here?

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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

SEPTEMBER 29, 2021

Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt.

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Sawin & Shea

SEPTEMBER 29, 2021

Though it can negatively impact your credit score, many debtors find that dealing with a bad credit score for a few years is better than constantly being weighed down by debt and harassed by creditors. In Chapter 7 bankruptcy, most or even all of your unsecured debt will get discharged, including your credit card debt.

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Debt Free Colorado

JANUARY 20, 2024

Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts. Medical bills are typically considered unsecured debts. The debtor typically pays only a part of these debts.

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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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Sawin & Shea

MARCH 7, 2023

Will All of My Debt Get Discharged? When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Sawin & Shea

NOVEMBER 1, 2023

Your medical bills are considered “unsecured debts” which means there is no property that can be taken from you under contract as a result of not paying your medical bills — and most unsecured debts, like medical bills, are eligible for bankruptcy. Your combined total secured and unsecured debts are less than $2,750,000.

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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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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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Sawin & Shea

AUGUST 2, 2023

Chapter 7 Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and includes rules to protect assets that are classified as exempt at the time you file. Unsecured debt includes things like credit card debt, medical debt, and personal 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. What Is Chapter 7 Bankruptcy?

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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. Typically, this type of bankruptcy is a reorganization of a business.

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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 RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. And if the debt remains unpaid for too long, it can exacerbate the situation for many business owners and finance managers. Can Debt Collectors Garnish Bank Accounts in Texas? Student loans.

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BN Lawyers

MARCH 23, 2020

These parties could foreclose or repossess the property securing the loans. A lender who provided a secured loan for your kitchen equipment would have a difficult time profitably foreclosing on those assets. Taking additional debt in that situation just dilutes recovery for creditors and opens management up to potential liability.

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Taurus Collect

NOVEMBER 15, 2023

They should also provide information about the debtor’s right to dispute the debt. Understanding these rules can help residents dealing with debt collection in Derby protect themselves and minimise stress. The company negotiates with your creditors to reduce your monthly payments and spread them over a longer period.

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Collection Industry News

SEPTEMBER 29, 2020

Secured lenders, whose long-term secured loans typically flow through the restructuring, will also enjoy the additional benefit of more economically viable borrowers emerging from Subchapter V. The Bankruptcy Court retains discretion to extend these deadlines for “circumstances for which the debtor should not justly be held accountable.”.

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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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