Credit Corp

JULY 9, 2024

An auto loan is a type of secured debt, which means it’s backed by collateral. In financial lingo, collateral is a valuable asset used to secure a loan. If you don’t pay the loan as agreed, the lender has the right to take back—repossess—the asset, sell it, and use the proceeds to cover your debt.

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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. A secured debt means that the borrower has collateral on the debt, such as a car lease.

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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. It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 is a disaster when it comes to secured debt. .

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Debt Guru

JULY 19, 2020

You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. It works by getting one new loan and using that to pay off multiple existing creditors. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly.

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Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed.

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Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment. Key Takeaways.

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Qualco

APRIL 15, 2024

A CHANGING CREDIT LANDSCAPE Over the past five years, there has been a significant increase in the usage of unsecured credit products, such as personal loans and credit cards, particularly following COVID- 19 and the rising cost of living.

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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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Sawin & Shea

AUGUST 23, 2023

With Chapter 7 bankruptcy, you’ll be able to eliminate most unsecured debts, which includes: Credit card debt Medical debt Personal loans Payday loans Utility bills It’s important to keep in mind, though, that Chapter 7 will not eliminate all kinds of debt.

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Sawin & Shea

OCTOBER 27, 2021

Out of the reported debt statistics, 35% of all debts in collections were medical, which surpassed other forms of debt. 25% of debts in collections were credit card related, and 20% were student loan debts. What Should I Do If I Have Medical Debts?

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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.

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Sawin & Shea

OCTOBER 27, 2021

Out of the reported debt statistics, 35% of all debts in collections were medical, which surpassed other forms of debt. 25% of debts in collections were credit card related, and 20% were student loan debts. What Should I Do If I Have Medical Debts?

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Chapter 13 bankruptcy Bankruptcy Unsecured Debt Lawyers 52

Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce. As we mentioned above, Chapter 13 involves consolidating your existing debts into a realistic three- to five-year repayment plan.

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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. However, how can you tell if your debt issue calls for such a drastic measure?

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Debt RR

DECEMBER 13, 2019

Some level of distressed debt can be forgiven, although that’s far from the only option. Refinancing typically lowers monthly payments and interest rates in exchange for lengthening the timeframe of the loan. Some creditors will accept equity and/or other concessions in exchange for debt forgiveness. Past-Due Secured Debt.

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Debt RR

JANUARY 24, 2020

Secured debt: If a business receives a loan or other credit — like a credit card — because of specific assets or liquid collateral, they have secured debt. Though more uncommon than equipment leases and unsecured debt, some businesses are able to acquire secured credit options.

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The Creditors Rights

MAY 24, 2016

The value of the bank’s collateral exceeded the amount the bank was owed. The debtor’s argument was that the default was “cured” because it was paid with a new loan; therefore, under the Ninth Circuit’s decision in Great Western Bank & Trust v. The facts in Beltway One were straightforward. Entz-White Lumber and Supply, Inc. (In

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