Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. For example, if you co-own a house with someone filing Chapter 13 bankruptcy and the house is your primary residence, the automatic stay will protect you from a home foreclosure because it’s considered consumer debt.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Debt Free Colorado

DECEMBER 9, 2021

Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. The lender protects the borrower against foreclosure. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. The means test decides who can seek debt relief.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Debt Free Colorado

APRIL 9, 2020

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.

Student loans 81

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Sawin & Shea

NOVEMBER 24, 2021

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. An example of this is when the stay is lifted to allow a creditor to continue a foreclosure action against real property or to allow the repossession of a vehicle.

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Sawin & Shea

NOVEMBER 24, 2021

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. An example of this is when the stay is lifted to allow a creditor to continue a foreclosure action against real property or to allow the repossession of a vehicle.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

MARCH 13, 2024

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Sawin & Shea

MAY 2, 2024

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.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

DECEMBER 21, 2023

It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation. What is an Automatic Stay?

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Bankruptcy Debtor Repossession Creditors 52

Sawin & Shea

NOVEMBER 15, 2023

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. What is the difference? Unsecured Debt What is unsecured debt?

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Sawin & Shea

JANUARY 24, 2024

The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Equity loans put your home at risk as collateral. Your assets are protected while you make monthly payments to creditors through the court.

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Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

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. Two of the most typical collateralized loans are mortgages and auto loans. What Information Does a Bankruptcy Form Need?

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PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. i] In re Denby-Peterson , 941 F.3d 3d 115, 126 (3d Cir. ii] In re Fulton , 926 F.3d 3d 916, 924 (7th Cir.

Bankruptcy 65

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Sawin & Shea

JUNE 7, 2023

The guarantor may be required to provide collateral or security to the lender to reduce the risk of the loan. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. After your bankruptcy dismissal, you’ll lose access to these more desirable repayment options.

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Debt Free Colorado

MARCH 3, 2023

Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off? Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged. What Can’t Bankruptcy Do?

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Troutman Sanders

JULY 27, 2023

The Bureau last did this in 2016 by announcing in Supervisory Highlights that auto finance companies should prohibit repossession agents from charging personal property storage and retrieval fees, and the Bureau followed that announcement with both supervisory activity and a consent order in 2020 on the same subject.

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Troutman Sanders

DECEMBER 4, 2023

On November 30, crypto exchange Binance announced it has introduced a pilot program enabling banks to store trading collateral off-exchange, a move aimed at reducing counterparty risk. Real-world disclosure testing is often more accurate than lab testing, and this effort can help the CFPB by informing the need for possible regulatory changes.

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Financial services Collateral Banks Trade 52