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Questions to Ask a Chapter 7 Bankruptcy Lawyer Before Filing for Bankruptcy

Sawin & Shea

If you’re struggling with debt and considering bankruptcy, speaking with a bankruptcy lawyer can help you determine your best options and give you some clarity on how the process works. At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas.

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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Credit card debts.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

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. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? 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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Can I File Bankruptcy on Just My Credit Cards?

Sawin & Shea

Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. However, secured debt means the borrower has put up collateral (e.g. Do I Need a Lawyer to File for Bankruptcy? Are There Lawyers Who Can Help with Bankruptcy? The answer is yes.

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What Debts Can Bankruptcy Eliminate: Examples of Unsecured Debt

Debt Free Colorado

What is Unsecured Debt? Unsecured debt is money you owe not tied to any specific asset. This means the lender can take no property, like a house or car if you do not pay. Instead, lenders rely on your promise to pay back the money. Unsecured debt can be stressful. Filing for bankruptcy can be a big decision.

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

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.