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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation.

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What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

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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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1099-C: What You Need to Know about the Cancellation of Debt Tax Form

Credit Corp

For example, if you borrowed $12,000 for a personal loan and only paid back $6,000, you still received the original $12,000. Not paying back the other half of the loan means you got the benefit of that money without paying for it. This is similar to the rule for W-2s from employers. Is a 1099-C Form Good or Bad for Your Credit?

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

Debt Free Colorado

Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. A mortgage or car loan secures the lender’s interest in your house. Even if you have been discharged, unpaid debts may result in foreclosure or repossession. appeared first on Denver Lawyer Clark Daniel Dray.

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

With a deep commitment to personalized service, we take the time to understand your unique circumstances and tailor our approach to your specific needs. 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.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future. We can help people re-organize secured debt in various ways to help people stop repossessions or foreclosure and get back on track with payments to keep those items.