Sawin & Shea
JANUARY 25, 2022
While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. 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.
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. A financial education course must be completed before final approval. Creditors rarely show up, usually just you and the trustee.
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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.
Titan Consulting
AUGUST 23, 2020
If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score. Chapter 7 liquidates assets and discharges qualified debts. Frequently Asked Questions.
Titan Consulting
SEPTEMBER 22, 2020
Non-profit and for-profit credit counseling agencies assist with budgeting, set up a debt management plan (DMP), and work with creditors to lower the interest rate on enrolled accounts. To qualify for credit counseling, you must be able to repay the full balance owed plus some interest of the unsecured debt within 60 months.
Roths Child Law
AUGUST 14, 2023
Graduates may have received grants and awards to help pay for their education, but many have student loans hanging over their heads. When it comes to repaying credit card companies after graduation along with those student loans, a lot of graduates struggle to repay their debts. This can make it easier to pay your loans.
Sawin & Shea
JULY 28, 2021
If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.
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