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A variety of factors determine whether or not you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter13bankruptcy. What’s the Difference Between Secured and Unsecured Personal Loans? Payday loans.
Chapter13Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. It works through reorganization, as opposed to liquidation, and you do not have to pass the Chapter 7 means test. Under Chapter13Bankruptcy, you have time and a plan in which to repay your debts.
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. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter13bankruptcy options.
Chapter 7 bankruptcy remains on credit reports for 10 years. Unsecured Debts in Chapter13BankruptcyChapter13bankruptcy works differently. You pay back some of your debts over three to five years. After completing the plan, any remaining unsecured debts may be discharged.
However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter13. What is SecuredDebt? Secureddebts are a type of debt backed by an asset that is used as collateral.
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