Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Within fifteen (15) days of the occurrence of an adverse event (i.e. SOP 50 57 2 ; SOP 50 55.

Collateral 98

Collateral Loans Lender Repossession 98

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

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Credit Corp

MARCH 7, 2021

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D. What is an online personal loan?

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Personal loans Loans Collateral Lender 98

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Roths Child Law

AUGUST 2, 2024

Further, if you have a secured loan, your creditor learning about your plan may push them to repossess the collateral before you can even file your petition. Instead, they may rush the collection process or convince you not to declare bankruptcy, which may worsen your situation. How will they know if you don't tell them?

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Creditors Bankruptcy Repossession Collateral 52

Sawin & Shea

NOVEMBER 15, 2023

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. The two most common examples of secured debt are mortgages and auto loans. The debtor must maintain regular payments on the secured loan in order to keep the collateral.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

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. Student loans are also difficult but not impossible to discharge in bankruptcy.

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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Roths Child Law

SEPTEMBER 21, 2023

For instance, if a car is collateral for a loan and the debtor isn't making payments, the lender might be granted permission to repossess that vehicle. Sometimes, a creditor might request the court to lift the stay, especially if they believe it's not serving its intended purpose.

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Debtor Creditors Bankruptcy Repossession 96

FFGN COLLECT NY

JULY 12, 2024

Lenders would continue to be able to consider medical information related to disability income and similar benefits, as well as medical information relevant to the purpose of the loan, so long as certain conditions are met.

Repossession 52

Repossession Creditors Lender Collateral 52

Sawin & Shea

MARCH 9, 2022

Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts. Secured debts refer to debts with collateral, like house payments and car payments.

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Chapter 13 bankruptcy Bankruptcy Unsecured Debt Collateral 102

Sawin & Shea

JANUARY 24, 2024

The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Any debts not discharged, like student loans, remain. How Debt Consolidation Works Debt consolidation combines multiple debts into one new loan or credit line.

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Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. We’ll break down when a car payment is late, as well as other common loans, so you’ll be prepared to pay your loans on time. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans?

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Repossession Student loans Student Loans Lender 83

Sawin & Shea

OCTOBER 11, 2023

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. A Special Note About Student Loan Debt Can student loans be discharged in bankruptcy?

Bankruptcy 52

Bankruptcy Student loans Student Loans Chapter 7 bankruptcy 52

Sawin & Shea

NOVEMBER 24, 2021

This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment. The Court allows these actions so that a creditor can recover collateral for which they are not receiving payment.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

NOVEMBER 24, 2021

This means it can protect you from: Home foreclosures Lawsuits Evictions Wage garnishment Vehicle repossession Utility disconnection Other creditor collections Repossession of estate property Harassment. The Court allows these actions so that a creditor can recover collateral for which they are not receiving payment.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Sawin & Shea

JANUARY 18, 2023

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What is Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

Roths Child Law

OCTOBER 1, 2021

Here are some of the debts that you generally cannot clear away with bankruptcy: Student loan debt. The reasoning behind classifying student loans as non-dischargeable dates back to the 1970s when most college graduates were able to land gainful employment and repay the loan fairly easily. Mortgage debt.

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Bankruptcy Chapter 13 bankruptcy Student loans Student Loans 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. What is Secured Debt? Examples of Secured Debts.

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Debt Free Colorado

OCTOBER 12, 2023

Detailed information about your property, collateralized debt, other debts, contracts, codebtors, income, expenses, and financial affairs must be provided accurately in the relevant sections of the bankruptcy form. Two of the most typical collateralized loans are mortgages and auto loans.

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Bankruptcy Collateral Chapter 13 bankruptcy Chapter 7 bankruptcy 52

Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. Unsecured debt is debt without collateral.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey.

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Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios.

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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Sawin & Shea

APRIL 10, 2024

Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered.

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. Obtaining Personal Loans with a Cosigner Having a co-signer on a personal loan or credit card means that you associate another individual with your debt. Additionally, having a co-signer may enable you to secure more favorable interest rates.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Jimerson Firm

FEBRUARY 3, 2021

Lenders will usually be faced with two situations: (1) the mobile home existed at the time of the mortgage, and is identified in the mortgage documents as collateral; or (2) the mobile home did not exist at the time of the mortgage, and is not identified in the mortgage documents as collateral. (1)

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Foreclosure Collateral Lender Repossession 96

Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable. Fortunately, you can obtain a secured card that includes collateral.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Sawin & Shea

APRIL 24, 2024

Bank-owned assets that have a recurring monthly payment, like mortgage payments or an auto loan fall under this category. They can repossess the assets in question if the debtor is delinquent in payment, so there’s less risk in making the loan. Unsecured creditors lend money without any collateral. Family members.

Bankruptcy 52

Bankruptcy Unsecured Creditor Debtor Creditors 52

Sawin & Shea

JUNE 21, 2023

For example, if a person takes on additional loans or other forms of dischargeable debt right before filing, the court may suspect that the filer took on that debt in bad faith and never intended to pay it. That said, filers cannot discharge all of their debts through Chapter 13.

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Sawin & Shea

JUNE 14, 2023

The Chapter 7 bankruptcy process usually takes between three and six months and will eliminate eligible unsecured debts, such as personal loans, credit card debts, and medical debts.

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. What Can’t Bankruptcy Do? Not all financial issues can be resolved through bankruptcy.

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Debt RR

DECEMBER 13, 2019

Refinancing typically lowers monthly payments and interest rates in exchange for lengthening the timeframe of the loan. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Missing payments on secured debt causes the creditor to repossess the property as recourse.

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BN Lawyers

MARCH 23, 2020

These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. A lender who provided a secured loan for your kitchen equipment would have a difficult time profitably foreclosing on those assets. These creditors are not of equal importance.

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Bankruptcy Creditors Lender Lawyers 67

Consumer Financial Services Law

DECEMBER 29, 2016

Also, on an auto loan, there could be more than one missed payment, followed by a repossession, followed by a sale of the collateral and establishment of a deficiency balance. For example, on a credit card account, there could be several defaults, followed by charge-off, followed by additional payments.

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Collection Industry News

JUNE 10, 2024

In a statement, the CFPB said medical bills “have little to no predictive value when it comes to repaying other loans.“ Medical debt can still have significant financial consequences, though, leaving you with fewer options for housing, loans and credit cards. The following year, they stopped including outstanding balances under $500.

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