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Is a car repossession looming in your future? Car repossession is one of the many reasons people contact the Indiana bankruptcy attorneys here at Sawin & Shea. Here’s some good news: You don’t have to just give up and allow your car to be repossessed. Don’t let a car repossession happen without talking to an attorney first.
They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. If you own a home the consequences of a judgment against you are more significant as judgment creditors can place liens against your home. Coronavirus Car Payment Relief Programs.
To determine the best way to proceed, and whether Chapter 7 or Chapter 13 bankruptcy are right for you, you should meet with an experienced bankruptcy lawyer. A bankruptcy lawyer can help you create a strategy to protect your assets and ensure that your bankruptcy petition goes as smoothly as possible. Family members.
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.
These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. These creditors are not of equal importance. Low Priority: Unsecured Lenders and other Creditors. Unsecured lenders should generally be willing to defer payments.
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. With secured debts, your creditors have the right to seize the collateral property if you default on payments.
For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC. If you are not, this test determines how much you are required to pay back to your unsecuredcreditors in a Chapter 13 reorganization. Even if you can’t fully pay creditors, you will still be able to discharge your eligible debts.
Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.
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