Collateral Government Unsecured Debt 
Sawin & Shea
MARCH 9, 2022
Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Secured debts refer to debts with collateral, like house payments and car payments. Will Bankruptcy Eliminate All of My Debts?
Debt Free Colorado
FEBRUARY 24, 2025
Most unsecured debts, including credit cards, can be erased through Chapter 7. The process takes a few months, and once complete, you are no longer responsible for repaying discharged debts. Most Chapter 7 bankruptcy cases include credit card debt, making it an effective way to erase unpaid balances.
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Sawin & Shea
JANUARY 18, 2023
Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. What is Chapter 7 Bankruptcy?
Debt Free Colorado
DECEMBER 9, 2021
The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. Additionally, not all unsecured debt is dischargeable under Chapter 7.
Sawin & Shea
MAY 24, 2023
Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and protects certain assets you may possess. Briefly, unsecured debts are not backed by any collateral. Credit card and medical debt are examples of unsecured debt.
Sawin & Shea
AUGUST 9, 2023
You aren’t allowed to pick and choose which debt you want the bankruptcy to apply to. Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. However, secured debt means the borrower has put up collateral (e.g. The answer is yes.
Debt Free Colorado
JANUARY 20, 2024
Some options are negotiating with creditors, structured payment plans, and debt consolidation. You can also seek guidance from credit counseling agencies, medical billing advocates, and government assistance. Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged.
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