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The Automatic Stay and Bankruptcy

Sawin & Shea

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan.

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The Automatic Stay and Bankruptcy

Sawin & Shea

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. Complete protection from creditors – This includes wage garnishment and debt collection. The lender protects the borrower against foreclosure. Unsecured debt is debt without collateral.

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How Late Can You Be on a Car Payment, Mortgage or Other Bill?

Credit Corp

The vehicle you purchase serves as collateral for the loan. If you fall too far behind on payments, the mortgage lender may initiate foreclosure proceedings. While state laws vary, you typically have to be 120 days past due or more before lenders start foreclosure proceedings. This process is referred to as repossession.

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Dealing With Debt From COVID-19

Debt Free Colorado

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. You can work directly with the mortgage lender on a loan modification, or reach out to the Colorado Foreclosure Hotline for free assistance. Coronavirus Car Payment Relief Programs.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

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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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

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.