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Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

Remember that there is unsecured debt (like your credit card balances) and secured debt (such as your mortgage and auto loan). The difference is that unsecured debts are not backed by collateral. Instead, consider a personal loan (that is unsecured and doesn’t require collateral to get approval) to consolidate your debt.

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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. Co-signing a loan carries a risk – Anyone who co-signs a loan may be obligated to repay the debt on your behalf. The lender protects the borrower against foreclosure. medical debt .

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How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. Personal Loan s are an option if you have excellent credit and high enough income to qualify for additional debt. Key Takeaways. Debt consolidation may not save you much money.

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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. That means that you must continue to pay on most secured debts to keep or hold onto the collateral. Unsecured Debt What is unsecured debt?

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

With a deep commitment to personalized service, we take the time to understand your unique circumstances and tailor our approach to your specific needs. Credit card balances, personal loans, and other unsecured debts can quickly spiral out of control, especially when combined with secured debts like a car loan or mortgage.

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Cosigner Responsibilities: When Is a Cosigner Liable for a Debt?

Sawin & Shea

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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How to Fill Out Bankruptcy Forms in Colorado

Debt Free Colorado

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.),