Sawin & Shea

NOVEMBER 15, 2023

Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It distinguishes between what are called ‘secured’ and ‘unsecured’ debts, which are terms you need to know before filing for bankruptcy.

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Sawin & Shea

AUGUST 24, 2022

When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. Unlike Chapter 7 bankruptcy, Chapter 13 packages your different forms of debt into a single repayment plan.

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Roths Child Law

MAY 13, 2024

When homeowners face the daunting prospect of foreclosure, understanding the defensive options available can potentially help them preserve their homes and financial stability. For example, two common types of bankruptcy , Chapter 7 and Chapter 13, offer different benefits and drawbacks in the context of foreclosure.

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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. Dischargeable debts are those that can be eliminated through bankruptcy.

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Debt Free Colorado

DECEMBER 9, 2021

Additionally, not all unsecured debt is dischargeable under Chapter 7. The means test decides who can seek debt relief. 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.

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Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay. If the amount is over 25% of the unsecured debt, the person qualifies for Chapter 13.

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Debt Guru

JULY 19, 2020

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. You might be tempted to use your substantial home equity to consolidate debt. Don’t jeopardize your home.

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