Sawin & Shea

DECEMBER 7, 2022

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.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Creditors 98

Debt Free Colorado

FEBRUARY 24, 2025

Some credit card balances may not be erased, especially if linked to fraud, luxury spending, or secured purchases. 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.

Credit Card Debt 52

Credit Card Debt Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 52

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.

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Sawin & Shea

MAY 5, 2021

It is difficult to know exactly how many because often people will use credit cards to pay off medical or other bills when they are struggling with debt, and so the reason on a survey may be “credit card debt” even though the situation began as medical debt. Ten facts About Chapter 13 Bankruptcy and Medical Bills: #1.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Student loans 98

Sawin & Shea

JANUARY 25, 2022

However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral. What is Unsecured Debt?

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

DECEMBER 21, 2023

For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. It is one of the fundamental debtor protections under the Automatic Stay in the Bankruptcy Code. Within 30 days of filing bankruptcy, a debtor must file a Statement of Intent regarding secured property.

Bankruptcy 52

Bankruptcy Debtor Repossession Creditors 52

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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

PBWT

MAY 4, 2021

Debtors who ignore instructions from the Bankruptcy Court do so at their own peril, as a recent case from the First Circuit Court of Appeals illustrates. ” [1] Otherwise, debtors risk dismissal of their petition and denial of a discharge. ” [1] Otherwise, debtors risk dismissal of their petition and denial of a discharge.

Bankruptcy 52

Bankruptcy Debtor Chapter 13 bankruptcy Creditors 52

Debt Free Colorado

DECEMBER 9, 2021

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 secured debt. . Collateral guarantees debt repayment.

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Burr Forman

OCTOBER 30, 2020

At Burr, Anna represents both creditors and debtors to enforce or restructure debt obligations. She assists clients with all facets related to bankruptcy matters, including the collection and enforcement of secured debt obligations. She also represents clients in general commercial disputes.

Creditor's Rights 52

Creditor's Rights Bankruptcy Secured debt Creditors 52

Collections Law

JULY 1, 2020

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?

Mechanic’s Liens 52

Mechanic’s Liens Debt Recovery Collections Judgment 52

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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Creditors Bankruptcy Chapter 13 bankruptcy 52

UK debt collections

APRIL 28, 2021

People who are in debt from credit cards, loans and other personal debt sources could be given ‘breathing space’ under new temporary measures the government has announced. During the current pandemic, debt charity Stepchange has warned of a impending “personal debt tsunami” of £6Bn.

Student loans 59

Student loans Student Loans Personal loans Loans 59

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.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Sawin & Shea

MAY 2, 2024

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 secured debts like a car loan or mortgage.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Qualco

APRIL 15, 2024

As financial hardships mount, debtors often prioritise the payment of secured debts like auto loans and mortgages over unsecured debts, leading to more incidents of unpaid loans.

Financial Institution 97

Financial Institution Collections Debt Recovery Unsecured Debt 97

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. Filers must pass a means test to qualify for a chapter 7 bankruptcy.

Chapter 13 bankruptcy 86

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

Taurus Collect

FEBRUARY 24, 2023

It is also essential to keep in mind that debt collectors must adhere to a strict code of conduct when dealing with debtors, and while they are entitled to ask for payment they must not resort to tactics such as threats or harassment in order to secure debt repayment.

Collection Agencies 52

Collection Agencies Collections Agency Collections Debt collector 52

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.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt Free Colorado

DECEMBER 30, 2023

Chapter 13 Bankruptcy In Chapter 13 bankruptcy, which involves a structured repayment plan over a specified period, debtors are not required to liquidate their assets. IRAs are generally protected in Chapter 13, allowing debtors to maintain their retirement savings while addressing their financial obligations.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debtor 52

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. What Are Your Bankruptcy Lawyer Fees?

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

The Creditors Rights

MAY 24, 2016

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. Wells Fargo opposed confirmation, asserting the plan did not meet the “fair and equitable” test under § 1129(b)(1). The BAP reversed. Capital Corp. Future Media Prods.,

Bankruptcy 40

Bankruptcy Debtor Creditors Collateral 40

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.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 52

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.

Debt Management 52

Debt Management Unsecured Debt Debt Consolidation Creditors 52

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.

Chapter 13 bankruptcy 97

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Creditors 97

Sawin & Shea

APRIL 12, 2023

Unsecured debt includes things like credit card debt, medical debt, and personal loans. Chapter 13 takes into account your financial situation before filing for bankruptcy, too, but mainly focuses on developing a payment plan to address secured debt (which includes things like your house or car).

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

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. Past-Due Secured Debt.

Chapter 7 bankruptcy 42

Chapter 7 bankruptcy Bankruptcy Creditors Retail 42

Debt Free Colorado

JANUARY 10, 2022

Bankruptcy laws are in place to protect not just the debtor, but also the creditors. Secured debts can be discharged. Federal courts have exclusive jurisdiction over bankruptcy cases. As such a bankruptcy case cannot be filed in a state court. There are several types of bankruptcy. .

Chapter 13 bankruptcy 59

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Creditors 59

Debt Free Colorado

DECEMBER 23, 2024

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.

Unsecured Debt 52

Unsecured Debt Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy 52

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.

Bankruptcy 40

Bankruptcy Chapter 7 bankruptcy Student loans Student Loans 40