Sawin & Shea

OCTOBER 26, 2022

In order to plan out your financial future, you need to understand the difference between secured and unsecured loans. Unsecured loans are loans that don’t have collateral. Common unsecured loans include: Bank loans with no collateral. The most common types of secured personal loans are vehicle loans and home mortgages.

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Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Debt Guru

JULY 19, 2020

Every month, you face a mound of credit card and bank statements (or your inbox fills up with them, and you have to write a separate check (or perform an individual internet transfer) for each of them. All the while, you feel like you’re no closer to zeroing out your balance on any of those debts. Don’t jeopardize your home.

Debt Consolidation 104

Debt Consolidation Unsecured Debt Collateral Personal loans 104

Sawin & Shea

JANUARY 25, 2022

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. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral.

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Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

MAY 2, 2024

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.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Credit Corp

JULY 9, 2024

An auto loan is a type of secured debt, which means it’s backed by collateral. In financial lingo, collateral is a valuable asset used to secure a loan. If you don’t pay the loan as agreed, the lender has the right to take back—repossess—the asset, sell it, and use the proceeds to cover your debt.

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The Creditors Rights

MAY 24, 2016

In Wells Fargo Bank, N.A. The value of the bank’s collateral exceeded the amount the bank was owed. The debtor’s plan, however, provided that the bank would not be entitled to any default interest on its claim, and treated the claim by modifying its terms and providing for payment amortized over 30 years.

Bankruptcy 40

Bankruptcy Debtor Creditors Collateral 40

Sawin & Shea

APRIL 10, 2024

Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered. Retirement accounts are generally exempt.

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52