Remove Credit Card Debt Remove Garnishment Remove Repossession
article thumbnail

Why sudden job losses put people at risk of bankruptcy

Roths Child Law

They may have too much debt to manage Working up a new budget is an important move after losing one's primary stream of income. When they can't find a job that offers comparable pay, they may find themselves unable to pay their bills at all in facing foreclosure, repossession or lawsuits from creditors.

article thumbnail

NCLC report: States that Put Families at Risk of Poverty During the Covid Crisis

Public Citizen

Only when stimulus checks were deposited in families’ bank accounts and garnished by debt collectors did many states realize that they had no state laws to protect a basic amount in a family’s bank account. Weak exemption laws also exacerbate the racial wealth gap.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Repossession deficiency claims. Credit card debts. Unsecured loans are loans that don’t have collateral.

article thumbnail

How to Stop Creditor Harassment

Debt Free Colorado

Know How to Stop Creditor Harassment & Wage Garnishment Debt can be a heavy burden. Creditor harassment is any aggressive or threatening communication from a debt collector. Wage garnishment is a legal procedure where a creditor obtains a court order to withhold part of your earnings from your paycheck to repay a debt.

article thumbnail

Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

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. Additionally, your creditors will not be allowed to contact you.

article thumbnail

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

Debt Free Colorado

Without having to repay it later, you may immediately begin rebuilding your credit. . If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . The Majority of Unsecured Debts.

article thumbnail

Mistakes to avoid when filing for personal bankruptcy

Roths Child Law

If you are seeking to discharge unsecured debts like medical debts, credit card debts and unsecured loans, then you need to file for Chapter 7 bankruptcy. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.