Roths Child Law

AUGUST 2, 2024

If your objective of telling a creditor you are filing for bankruptcy is to stop collections or buy more time, you may not get what you hope for. Instead, they may rush the collection process or convince you not to declare bankruptcy, which may worsen your situation.

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Creditors Bankruptcy Repossession Collateral 98

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

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Roths Child Law

SEPTEMBER 21, 2023

Understanding the automatic stay's role in bankruptcy The automatic stay is a temporary order that halts actions by creditors to collect debts from the person who has declared bankruptcy. It prevents any form of harassment, foreclosure and nearly all other collection actions.

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Debt Free Colorado

FEBRUARY 24, 2025

Secured debt, like financed electronics or furniture, may require repayment or repossession. This paperwork starts your Chapter 7 case and pauses most collection efforts against you. This means you are no longer legally responsible for them, and creditors cant try to collect from you. What Is Bankruptcy Chapter 7?

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Credit Card Debt Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 52

Credit Corp

MARCH 7, 2021

When talking about the concept of online personal loans, it’s important to touch on the differences between secured and unsecured loans: Secured loans are those where collateral is put up to secure the loan. For instance, a home would act as collateral in a mortgage or home equity line of credit (HELOC).

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Personal loans Loans Collateral Lender 98

Jimerson Firm

FEBRUARY 3, 2021

Lenders will usually be faced with two situations: (1) the mobile home existed at the time of the mortgage, and is identified in the mortgage documents as collateral; or (2) the mobile home did not exist at the time of the mortgage, and is not identified in the mortgage documents as collateral. (1)

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Foreclosure Collateral Lender Repossession 96

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. If you’re a co-signer or co-debtor on a business property, such as a rental home, the automatic stay doesn’t protect you from lenders, so they can repossess the property.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student Loans 122

Sawin & Shea

JANUARY 18, 2023

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What is Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

Sawin & Shea

NOVEMBER 24, 2021

It goes into effect immediately when you file and protects you from those trying to collect from you, such as creditors, collection agencies, government entities, or any other person coming after you for money. When the automatic stay is lifted, your creditors can resume certain types of collection activity.

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Sawin & Shea

NOVEMBER 24, 2021

It goes into effect immediately when you file and protects you from those trying to collect from you, such as creditors, collection agencies, government entities, or any other person coming after you for money. When the automatic stay is lifted, your creditors can resume certain types of collection activity.

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Credit Corp

JUNE 14, 2023

Car Repossession It’s important to realize that an auto loan is a type of secured loan. The vehicle you purchase serves as collateral for the loan. This process is referred to as repossession. Laws regarding car repossessions vary from state to state. Laws regarding car repossessions vary from state to state.

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Repossession Student Loans Student loans Lender 83

Debt Free Colorado

APRIL 9, 2020

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. While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. Your Mortgage.

Student Loans 81

Student Loans Student loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Sawin & Shea

MARCH 13, 2024

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. 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.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Debt Free Colorado

DECEMBER 9, 2021

Complete protection from creditors – This includes wage garnishment and debt collection. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. This is a secured obligation.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Sawin & Shea

NOVEMBER 15, 2023

In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home). What is the difference?

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Qualco

NOVEMBER 7, 2023

To identify the best solution for Non-Performing Loans (NPLs) , stakeholders such as lenders, servicers, and debt collection agencies need to deploy all available tools, starting a thorough appraisal of the NPL portfolio via a dedicated Workout Unit. A significant factor to consider is regulatory compliance.

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Financial Institution Debtor Loans Collateral 105

Sawin & Shea

MAY 2, 2024

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. Secured obligations have collateral attached, such as a mortgage secured by your home or an auto loan secured by your vehicle.

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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

DECEMBER 21, 2023

This stay halts most collection activities and legal actions against the filer. At the moment of filing, creditors receive legal notice to halt collection activities. The duration of the automatic stay depends on the type of bankruptcy and whether collection is against the debtor or the debtor’s property.

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Bankruptcy Debtor Repossession Creditors 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien.

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Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

FEBRUARY 28, 2024

Unsecured loans don’t have collateral. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. You can discharge an unsecured loan whether it’s current, delinquent, or in default, even if the original lender sold it to a collection agency or debt buyer.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Sawin & Shea

JANUARY 24, 2024

The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Equity loans put your home at risk as collateral. Your assets are protected while you make monthly payments to creditors through the court.

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Consumer Financial Services Law

DECEMBER 29, 2016

Editor’s Note: On November 3, 2016, Smith Debnam’s Jerry Myers attended a meeting with the CFPB to discuss the proposed rules for third party debt collection. On Thursday November 3, 2016 I joined a group of colleagues for a meeting with the CFPB to discuss its proposed rules for third party debt collection.

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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts.

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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Troutman Sanders

DECEMBER 4, 2023

The Senate Banking Committee questioned Chopra on the CFPB’s oversight of financial institutions providing benefits under the Servicemembers Civil Relief Act (SCRA), medical debt collection, so-called “junk fees,” and the increasing popularity of buy now, pay later (BNPL) products. For more information, click here.

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Financial services Collateral Banks Trade 52

Collection Industry News

JANUARY 19, 2025

The CFPBs action follows changes made by the three nationwide credit reporting conglomerates Equifax, Experian, and TransUnion whoannouncedthat they would take certain types of medical debt off of credit reports, including collections under $500, after the CFPB raised concerns about medical debt credit reporting in early 2022.

Lender 40

Lender Debt collector Repossession Collateral 40

Sawin & Shea

JUNE 7, 2023

The guarantor may be required to provide collateral or security to the lender to reduce the risk of the loan. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

BN Lawyers

MARCH 23, 2020

These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. Secured creditors can foreclose on their collateral if they are not paid and have special rights in a reorganization proceeding. These creditors are not of equal importance.

Bankruptcy 67

Bankruptcy Creditors Lender Lawyers 67

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. Fortunately, you can obtain a secured card that includes collateral. You first initiate the Chapter 13 bankruptcy legal process by filing a petition in court.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Debt RR

DECEMBER 13, 2019

A B2B company may be in financial trouble because it’s having trouble collecting on its own outstanding invoices. Missing payments on secured debt causes the creditor to repossess the property as recourse. If collateral is seized, it often occurs in court, leaving a record for other partners and vendors to dig up.

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Chapter 7 bankruptcy Bankruptcy Creditors Retail 42

Debt Free Colorado

MARCH 3, 2023

Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged. What Can’t Bankruptcy Do? What Debts are Discharged in Bankruptcy? After Filing for Bankruptcy, am I Still Able to Own Property?

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FFGN COLLECT NY

NOVEMBER 21, 2022

Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. Copies of the stamped filings should be attached.

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Collateral Repossession Debtor Creditors 52

Troutman Sanders

JULY 27, 2023

The findings included in the report cover examinations in the areas of auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending, information technology, mortgage origination, mortgage servicing, payday and small dollar lending, and remittances.

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Lender Collections Repossession Retrieval 52

Collection Industry News

JUNE 10, 2024

They may attempt to collect payment through phone calls or letters. If you still haven’t paid the bill after several months, the debt may be sold to a medical collections agency, which will try to collect on it. If you don’t pay the bill for at least three months, however, your provider may sell it to a collections agency.

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Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. After your bankruptcy dismissal, you’ll lose access to these more desirable repayment options.

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Collection Industry News

JANUARY 25, 2025

The three national credit reporting agencies Experian, Equifax and TransUnion said last year that they were removing medical collections under $500 from U.S. The post How removing unpaid medical bills from credit reports could help consumers appeared first on Collection Industry News. consumer credit reports.

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