Jimerson Firm

NOVEMBER 11, 2020

Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the condition of the collateral and the borrower’s business operations.

Collateral 98

Collateral Loans Lender Repossession 98

Sawin & Shea

AUGUST 9, 2022

With a Chapter 13 bankruptcy, the debtor agrees to a payment plan to pay off their debt, which means they don’t have to surrender their property as collateral. For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral.

Chapter 7 bankruptcy 98

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Collateral 98

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?

Creditors 98

Creditors Bankruptcy Repossession Collateral 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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Repossession Lender Collateral Bankruptcy 40

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.

Chapter 13 bankruptcy 102

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Collateral 102

Roths Child Law

APRIL 30, 2021

If you recently (within the last 180 days) either asked for a prior bankruptcy petition to be dismissed once your creditors sought the right to repossess some collateral or your petition was involuntarily dismissed because you failed to attend court or comply with the court's orders, you will have to wait to file again.

Chapter 7 bankruptcy 98

Chapter 7 bankruptcy Bankruptcy Repossession Collateral 98

Credit Corp

MARCH 7, 2021

When talking about the concept of online personal loans, it’s important to touch on the differences between secured and unsecured loans: Secured loans are those where collateral is put up to secure the loan. For instance, a home would act as collateral in a mortgage or home equity line of credit (HELOC).

Personal loans 98

Personal loans Loans Collateral Lender 98

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.

Debtor 96

Debtor Creditors Bankruptcy Repossession 96

Debt Free Colorado

FEBRUARY 24, 2025

Secured debt, like financed electronics or furniture, may require repayment or repossession. Secured Credit Card Debt Some credit card purchases, such as financed electronics, jewelry, or furniture, may be considered secured debt if the credit agreement states that the item serves as collateral. What Is Bankruptcy Chapter 7?

Credit Card Debt 52

Credit Card Debt Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 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)

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

FFGN COLLECT NY

NOVEMBER 21, 2022

Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. Copies of the stamped filings should be attached.

Collateral 52

Collateral Repossession Debtor Creditors 52

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. If you’re a co-signer or co-debtor on a business property, such as a rental home, the automatic stay doesn’t protect you from lenders, so they can repossess the property.

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Credit Corp

JUNE 14, 2023

Car Repossession It’s important to realize that an auto loan is a type of secured loan. The vehicle you purchase serves as collateral for the loan. This process is referred to as repossession. Laws regarding car repossessions vary from state to state. Laws regarding car repossessions vary from state to state.

Repossession 83

Repossession Student loans Student Loans Lender 83

Sawin & Shea

MARCH 13, 2024

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

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?

Chapter 7 bankruptcy 81

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

Sawin & Shea

DECEMBER 7, 2022

When filing for Chapter 13 bankruptcy, your home’s mortgage payments will be restructured into your repayment plan, and creditors will not be able to repossess your home or take legal action against you thanks to the bankruptcy automatic stay. Secured debts refer to debts with collateral, such as a home or car.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Creditors 98

Debt Free Colorado

APRIL 9, 2020

They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited.

Student loans 81

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Debt Free Colorado

DECEMBER 9, 2021

Unsecured debt is debt without collateral. Collateral guarantees debt repayment. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. Even if you have been discharged, unpaid debts may result in foreclosure or repossession. This is a secured obligation.

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

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

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. That means that you must continue to pay on most secured debts to keep or hold onto the collateral. What is the difference? Unsecured Debt What is unsecured debt?

Unsecured Debt 52

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. Secured obligations have collateral attached, such as a mortgage secured by your home or an auto loan secured by your vehicle.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

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. any act to.

Collateral 40

Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Sawin & Shea

FEBRUARY 28, 2024

Unsecured loans don’t have collateral. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Yes, if you need to get a personal loan after going through bankruptcy, secured loans that require collateral like a car title loan or home equity loan are easier to qualify for post-bankruptcy.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Roths Child Law

OCTOBER 1, 2021

Mortgages are treated as secured loans because they are attached to the home as collateral. However, if you stop making payments on your mortgage, the creditor is within their rights to repossess the home and put it up for sale to recover the deficiencies. Mortgage debt.

Bankruptcy 52

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. 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.

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

DECEMBER 21, 2023

For Collections Against Property In a Chapter 7 case, creditors secured by property collateral have some additional options. The creditor can then pursue repossession or foreclosure. Common violations include sending demand letters, making collection calls, or attempting repossession post-bankruptcy.

Bankruptcy 52

Bankruptcy Debtor Repossession Creditors 52

Qualco

NOVEMBER 7, 2023

These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income. Regardless of the outcome and the ultimate objective of recovery, multiple implications could potentially jeopardise the entire strategy.

Financial Institution 105

Financial Institution Debtor Loans Collateral 105

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. Equity loans put your home at risk as collateral. Your assets are protected while you make monthly payments to creditors through the court.

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

FFGN COLLECT NY

JULY 12, 2024

Ban repossession of medical devices: The proposed rule would prohibit lenders from taking medical devices as collateral for a loan or repossessing medical devices, like wheelchairs or prosthetic limbs.

Repossession 40

Repossession Creditors Lender Collateral 40

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. In broad terms, bankruptcy law differentiates between consumer-related debt as well as secured vs. unsecured debt.

Bankruptcy 52

Bankruptcy Student loans Student Loans Chapter 7 bankruptcy 52

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.

Bankruptcy 52

Bankruptcy Collateral Chapter 13 bankruptcy Chapter 7 bankruptcy 52

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing.

Bankruptcy 65

Bankruptcy Debtor Creditors Repossession 65

Roths Child Law

APRIL 30, 2021

If you recently (within the last 180 days) either asked for a prior bankruptcy petition to be dismissed once your creditors sought the right to repossess some collateral or your petition was involuntarily dismissed because you failed to attend court or comply with the court's orders, you will have to wait to file again.

Chapter 7 bankruptcy 40

Chapter 7 bankruptcy Bankruptcy Repossession Collateral 40

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. Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts.

Chapter 7 bankruptcy 52

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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Collection Industry News

JANUARY 19, 2025

This means lenders will also be barred from using information about medical devices, such as prosthetic limbs, that could be used to require that the devices serve as collateral for a loan for the purposes of repossession.

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Lender Debt collector Repossession Collateral 40