Collateral Foreclosure Unsecured Debt 
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.
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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Debt Free Colorado
DECEMBER 23, 2024
Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral. In this article, we will explore the types of unsecured debts that bankruptcy can erase.
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.
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.
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.
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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