Collateral Foreclosure Unsecured Creditor 
Sawin & Shea
MARCH 15, 2022
When filing under Chapter 13, you’re required to pay unsecured creditors — meaning they can’t recover physical property as collateral — the liquidated value of your nonexempt property. Although this may sound more appealing if you own equity in your investment, there are critical factors you need to consider before filing.
Debt Free Colorado
DECEMBER 9, 2021
Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts. This is a secured obligation.
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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.
Fraser
JUNE 25, 2020
Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others. A creditor may need to file an objection to requested first-day relief to protect its rights. Unsecured creditors whose rights are “impaired” are entitled to vote on a plan, as well as object to it.
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. It’s critical to understand the difference between secured and unsecured debts according to bankruptcy code.
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