Sawin & Shea

JANUARY 11, 2024

Since 2005, a debtor education course from an approved provider is mandatory for anyone who files for bankruptcy. Debtor education classes provide customized guidance based on your unique circumstances. Since then, bankruptcy filers have been required to take both a bankruptcy credit counseling course and a debtor education course.

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PBWT

SEPTEMBER 30, 2021

PERRY, Debtor. In the proceedings below, the debtor filed a Chapter 13 bankruptcy petition, which included unsecured claims totaling $427,103.70. to address and correct a defect in a debtor’s proposed plan even if no [party] raises the issue.” In a recent decision, In re: BRUCE D. SDNY, Appellant, v.

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Roths Child Law

JANUARY 13, 2022

The pandemic left many Americans unemployed and without the means to pay off their debts. However, you can get rid of the financial and emotional pressure of being a debtor by filing for Chapter 7 or Chapter 13 bankruptcy. Both Chapters can help you start anew and discharge your debts, but they work differently.

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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

It’s a relatively straightforward technique to eliminate the majority of your debt. . 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. Collateral guarantees debt repayment.

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Mich Bankruptcy Blog

JULY 8, 2020

A Chapter 13 bankruptcy plan requires a debtor to satisfy unsecured debts by paying all “projected disposable income” to unsecured creditors over a five-year period. In a recent case before the U.S. 1] Read More › Tags: 6th Circuit Court of Appeals , Chapter 13.

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PBWT

SEPTEMBER 30, 2021

PERRY, Debtor. 21, 2021) In the proceedings below, the debtor filed a Chapter 13 bankruptcy petition, which included unsecured claims totaling $427,103.70. The debtor's petition also included a $2,000 per month expense for an “RV payment.” In re: BRUCE D. KRISTA PREUSS, Standing Chapter 13 Tr., ” Id.

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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

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.

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Qualco

APRIL 15, 2024

Digital finance expansion has simplified access to financial resources, streamlining the application and approval processes, thus making these unsecured loans highly attractive.

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Burr Forman

DECEMBER 18, 2020

Small business debtors qualifying for Sub V are defined as those engaged in commercial or business activities with the aggregate noncontingent secured and unsecured debts not exceeding $2,725,625, with more than 50 percent of debts required to be from commercial or business activities.

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

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Sawin & Shea

SEPTEMBER 6, 2023

In most cases, Chapter 7 bankruptcy allows the debtor to postpone a foreclosure sale, but does not stop the process permanently. In other words, a Chapter 13 Plan can reorganize debts in ways that can help struggling homeowners get back on track with their mortgage payments, curing arrearages and making ongoing monthly payments.

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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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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.

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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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Debt Free Colorado

NOVEMBER 28, 2024

This enables debtors to keep important items while addressing their debts. A key benefit of Chapter 7 bankruptcy is the quick discharge of debts. However, eligibility requires debtors to pass a means test. Generally, attorney fees are treated similarly to other unsecured debts.

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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

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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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

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. Bankruptcy law was created to give debtors a true fresh start and pathway to rebuilding wealth.

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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? Medical bills, utilities, and cell phone bills can also be included.

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Sawin & Shea

JUNE 7, 2023

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. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt. What’s a Guarantor?

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UK debt collections

NOVEMBER 16, 2023

The bankruptcies were made up of 553 debtor applications and 150 creditor petitions. Debtor applications were 18% higher and creditor petitions 90% higher than in October 2022. If personal insolvency is unavoidable, individuals are able to apply for a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA).

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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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Sawin & Shea

JULY 27, 2022

Debtors who run their credit card balances up before they file for bankruptcy could suffer consequences. Primarily, it could result in your debt becoming ineligible for discharge, which is often the whole point of filing for bankruptcy. So in many cases, running your credit card debt up is not worth it.

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Roths Child Law

JUNE 17, 2021

Debtors with multiple delinquent accounts don't often have the luxury of negotiating balances. Situations such as these may call for debtors to file bankruptcy. Bankruptcy Court conditions its decision about whether to let a debtor file Chapter 7 bankruptcy on whether they pass their means test.

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Sawin & Shea

APRIL 12, 2023

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. Unsecured debt includes things like credit card debt, medical debt, and personal loans. Chapter 7 looks at assets that you owned at the time you filed.

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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. What Are Your Bankruptcy Lawyer Fees?

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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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Sawin & Shea

APRIL 17, 2024

The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.

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ABI

JANUARY 19, 2024

In particular, a plan under Subchapter V may allow existing shareholders of a debtor to retain their interests in the debtor even where all creditors are not paid in full. 6] Subparagraphs A and B of Section 1182(1) of the Bankruptcy Code list the key eligibility requirements for a Subchapter V debtor. [7] billion in damages. [3]

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ABI

JANUARY 28, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff One of the requirements a debtor must meet in order to be eligible for Subchapter V of Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) is that it must be "engaged in commercial or business activities." [1] 1182(1)(A). [2]

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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.

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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

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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