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. What is Unsecured Debt?

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Debt Free Colorado

FEBRUARY 24, 2025

Most unsecured debts, including credit cards, can be erased through Chapter 7. The process takes a few months, and once complete, you are no longer responsible for repaying discharged debts. A financial education course must be completed before final approval. The creditor can repossess the item if the debt is not repaid.

Credit Card Debt 52

Credit Card Debt Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 52

Titan Consulting

SEPTEMBER 2, 2020

However, the long-term interest charged at the end of the promotional period could be as high as the existing debt, limiting its usefulness. HELOC ( home equity line of credit ) will convert unsecured debts into a secured loan using your home as collateral. What impact does debt consolidation have on my credit score?

Debt Consolidation 60

Debt Consolidation Unsecured Debt Consolidate Debt Personal loans 60

Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. After the meeting, you’ll need to complete an approved financial management course.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Unsecured Creditor Debtor 52