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How Long Will Chapter 13 Delay Foreclosure?

Sawin & Shea

When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. If you’re eligible to file under Chapter 7 and only have unsecured debts, this may be your best course of action.

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What Debts Can Bankruptcy Eliminate: Examples of Unsecured Debt

Debt Free Colorado

Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral. In this article, we will explore the types of unsecured debts that bankruptcy can erase.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?

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Why Chapter 7 isn’t the best option for foreclosure concerns

Roths Child Law

When homeowners face the daunting prospect of foreclosure, understanding the defensive options available can potentially help them preserve their homes and financial stability. For example, two common types of bankruptcy , Chapter 7 and Chapter 13, offer different benefits and drawbacks in the context of foreclosure.

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Can You Use a Bankruptcy to Stop a Foreclosure?

Sawin & Shea

If you’re considering filing for bankruptcy, you’re not alone; roughly 375,000 people filed for bankruptcy in 2022, and home foreclosure filings rose 115% in 2022 over the number of foreclosures in 2021. The good news is that homeowners can get back on their feet and keep their homes with various options to stop foreclosure.

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Why sudden job losses put people at risk of bankruptcy

Roths Child Law

When they can't find a job that offers comparable pay, they may find themselves unable to pay their bills at all in facing foreclosure, repossession or lawsuits from creditors. Even successful professionals typically only have enough money in savings to cover their cost-of-living expenses for a month or two.

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Consumer Debt vs. Non Consumer Debt

Sawin & Shea

With consumer debts, co-debtors receive the protection of an automatic stay. For example, if you co-own a house with someone filing Chapter 13 bankruptcy and the house is your primary residence, the automatic stay will protect you from a home foreclosure because it’s considered consumer debt.