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Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecuredcreditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts. medical debt .
Enter Sawin & Shea, LLC – a firm with over 50 years of combined experience in bankruptcy services, dedicated to providing compassionate and non-judgmental representation to individuals and families in need. Dischargeable debts are those that can be eliminated through bankruptcy.
4] Debtor’s initial proposed plan was rejected by the judgmentcreditors because it paid them less than twenty percent on the outstanding debts. The second plan proposed paying those creditors in full over two decades. 20] The debtors had “over $500,000 in unsecureddebt, [but]. per year. [5]
Unsecured lenders should generally be willing to defer payments. For an unsecuredcreditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization.
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