Sawin & Shea

NOVEMBER 15, 2023

What’s the Difference Between Chapter 7 and Chapter 13? Put simply, Chapter 7 is a liquidation while Chapter 13 is about reorganization. In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

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

Debt Free Colorado

MARCH 3, 2023

There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed. What Debts are Discharged in Bankruptcy?

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt RR

DECEMBER 13, 2019

Past-Due Secured Debt. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Debt can also be secured using intellectual property, equity, and other soft debt. Missing payments on secured debt causes the creditor to repossess the property as recourse.

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Collection Industry News

DECEMBER 21, 2020

Three Types of Chapter 10 Plans: “Residence” and “Property” Plans for Repayment of Secured Debts and General Repayment Plans for Unsecured Debts. Secured creditors retain their liens until receipt of the full amounts owed as of the plans’ effective dates. Debtors’ Attorneys Paid over Time.

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Bankruptcy Chapter 7 bankruptcy Student loans Student Loans 40