Sawin & Shea

JANUARY 18, 2023

Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. Unsecured debts are not backed by collateral, such as car payments and home mortgages. Additionally, your creditors will not be allowed to contact you. Creditors are allowed to attend, but they rarely do.

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Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. You make one monthly payment to the program, and the agency pays your creditors based on an approved schedule. In many cases, the approved loan will come with a high rate of interest.

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Sawin & Shea

NOVEMBER 15, 2023

Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. Unsecured Debt What is unsecured debt?

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Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. Unsecured debt, unlike secured debt, is not tied to any collateral or property.

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Credit Corp

APRIL 19, 2023

Avoid opening more cards Every time you apply for a new credit card, the creditor makes a hard inquiry on your credit, which drops your credit score a few points. This makes it very low-risk for the lender, as your payments are also adding your collateral to the savings account.

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Sawin & Shea

MAY 2, 2024

With a deep commitment to personalized service, we take the time to understand your unique circumstances and tailor our approach to your specific needs. This powerful solution can immediately halt creditor harassment, wage garnishments, and lawsuits, allowing you to breathe a sigh of relief and regain control of your financial life.

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Debt Free Colorado

DECEMBER 23, 2024

Unsecured debt is a type of debt that is not backed by collateral. If you fail to pay, creditors cannot take your belongings. Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. Student loans, child support, recent taxes, and court fines must be paid in full.

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Debt Free Colorado

JANUARY 27, 2022

They then exercise control over the merchandise sold to satisfy creditors. They will sell them and use the revenues to pay for the bankruptcy’s fees , charges, and expenditures before paying creditors. ” The Trustee has the authority to seize and liquidate non-exempt property to benefit creditors.

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Sawin & Shea

AUGUST 9, 2023

Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. Creditors cannot reclaim any of your property if you default on a loan. However, secured debt means the borrower has put up collateral (e.g. When Should I Consider Declaring Bankruptcy?

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Better Credit Blog

MAY 4, 2022

These include transferring all your debt onto just one credit card as well as taking out a secured or unsecured personal loan—perhaps with the help of a professional debt consolidation company. Owing money to several creditors and remembering when the monthly payments are due for all of them can be overwhelming. Credit card 3.

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Sawin & Shea

MARCH 13, 2024

It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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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. They will then determine what, if any, non-exempt property they can seize and will use the proceeds from that property to repay a percentage to your creditors.

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Sawin & Shea

JUNE 7, 2023

Obtaining Personal Loans with a Cosigner Having a co-signer on a personal loan or credit card means that you associate another individual with your debt. A guarantor is typically someone who agrees to pay back a loan in the event that the borrower defaults on their payments.

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Debt Free Colorado

OCTOBER 12, 2023

Detailed information about your property, collateralized debt, other debts, contracts, codebtors, income, expenses, and financial affairs must be provided accurately in the relevant sections of the bankruptcy form. watercraft, aircraft, personal property (including furniture, electronics, clothing, etc.),

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Sawin & Shea

OCTOBER 11, 2023

Assets that do not fall within the statutory exemption values are liquidated and the proceeds used to pay your creditors something. 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.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. They cannot take legal action against you or seize your assets.

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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. This plan states that you’re committed to paying back something to creditors in monthly installments, and you detail the minimum amount you’ll pay as well as the duration of the plan.

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Better Credit Blog

AUGUST 9, 2021

Whereas rates on credit cards can be 13-25%, average rates on personal loans are 14-18%,” says Toms. Payment Schedules: “Most personal loans have terms of 36-60 months with strict payment schedules. Best Debt Consolidation Loans. Offers direct payment to creditors. Cons: Fairly low loan limit of $40,000.

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Better Credit Blog

AUGUST 9, 2021

Whereas rates on credit cards can be 13-25%, average rates on personal loans are 14-18%,” says Toms. Payment Schedules: “Most personal loans have terms of 36-60 months with strict payment schedules. Best Debt Consolidation Loans. Offers direct payment to creditors. Cons: Fairly low loan limit of $40,000.

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Debt Free Colorado

NOVEMBER 28, 2024

Certain debts—such as credit card debt, medical bills, and personal loans—can be discharged. Chapter 7 Bankruptcy The liquidation process is managed by a trustee who sells non-exempt assets to pay creditors. Many personal assets may be exempt. It includes those taken for personal needs without collateral.

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Credit Corp

OCTOBER 25, 2023

Credit Card Consolidation Loans A credit consolidation loan is a type of unsecured personal loan that comes with a set repayment period and fixed monthly payments. For a credit card consolidation loan to make sense, the interest rate needs to be lower than the interest rate for your credit cards.

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Sawin & Shea

JUNE 14, 2023

The Chapter 7 bankruptcy process usually takes between three and six months and will eliminate eligible unsecured debts, such as personal loans, credit card debts, and medical debts. Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future.

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Sawin & Shea

AUGUST 23, 2023

Once the trustee receives these funds, they then pass them on to creditors to put toward your debt. If a prospective debtor is not eligible for a Chapter 7, a Chapter 13 can force creditors to take what the law requires they pay them, and then they can get a discharge at the end of the plan on the unpaid balance of most unsecured debts.

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