This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Unsecured loans are loans that don’t have collateral. Common unsecured loans include: Bank loans with no collateral. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Creditcarddebts. Payday loans. Signature loans. Repossession deficiency claims.
Some of these obligations include personal loans, creditcarddebt, and medical bills. These debts are typically dischargeable, but that doesn’t mean they’re completely eliminated per se. The discharge eliminates a person’s legal obligation to pay a debt, but it doesn’t entirely erase it.
If you’re struggling with debt and considering bankruptcy, speaking with a bankruptcy lawyer can help you determine your best options and give you some clarity on how the process works. At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas.
Creditcarddebt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. Can I Declare Bankruptcy for CreditCardDebt?
What is Consumer Debt? Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay. The post Consumer Debt vs.
Don’t Accumulate Any More Debt. If you’re already in the middle of filing for bankruptcy, any new debt that you accumulate will not be discharged. This includes creditcarddebt, so try to avoid racking up a substantial balance this season. Secured debts refer to debts with collateral, such as a home or car.
Without having to repay it later, you may immediately begin rebuilding your credit. . If you have a large amount of creditcarddebt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Collateral guarantees debt repayment.
Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral. In this article, we will explore the types of unsecured debts that bankruptcy can erase.
Quick Summary: Bankruptcy is a legal process that offers relief from overwhelming debt for individuals and businesses. Certain debts—such as creditcarddebt, medical bills, and personal loans—can be discharged. However, not all debts can be discharged. This provides relief from significant healthcare costs.
Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt.
After bankruptcy, you can obtain new credit through a secured creditcard or borrow more money through other means without old obligations weighing you down. Bankruptcy legal fees are an investment in finally resolving your debt for good. Dischargeable debts are those that can be eliminated through bankruptcy.
For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. You’ll then be able to discharge the balance of eligible debts, such as creditcarddebt and medical bills.
Unsecured loans don’t have collateral. Experienced lawyers recommend waiting 12-24 months to improve the chances of getting a loan agreement with a lender, whether that is a bank, credit union, creditcard company, or any other financial institution. How soon after discharge can I apply for a new personal loan?
Our experts used debt statistics from the NYFRB broken down by debt category and down to the state level to get a detailed picture of what kinds of debt Americans are holding and where they are holding it. Household Debt Is at an All-Time High Household debt across all categories grew by 4.8% over the same period.
To help you better understand how bankruptcy works, we reached out to financial lawyers who specialize in guiding their clients through the process. Ad See how much you could save by consolidating your debt! . “It will stay on your credit report for seven years.” ” Finding The Right Lawyer.
household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in creditcarddebt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. At the start of the year, U.S.
Chapter 13 Bankruptcy Discharge Once you complete paying off your repayment plan over three to five years, the court will discharge your eligible debts. There are some situations in which you will need to incur additional debt while going through the bankruptcy procedure, such as unexpected vehicle or home repairs.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content