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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation.

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Getting Approved for a Loan After Bankruptcy

Sawin & Shea

How to obtain a personal loan: Get a copy of your credit reports (Equifax, Experian, and TransUnion). If you are not unable to qualify for an unsecured loan: Apply for a secured loan. You will need to use collateral for this, such as money (why would you try to borrow money if you already have money?

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. Unsecured debts are not backed by collateral, such as car payments and home mortgages. What is Chapter 7 Bankruptcy? Additionally, your creditors will not be allowed to contact you.

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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. This powerful solution can immediately halt creditor harassment, wage garnishments, and lawsuits, allowing you to breathe a sigh of relief and regain control of your financial life.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Complete protection from creditors – This includes wage garnishment and debt collection. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. personal loans, personal loans, delinquent income tax obligations, . While debt is not eliminated , it is significantly reduced.

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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. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home).

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What is Secured Debt?