Debt Guru

JULY 19, 2020

If you don’t trust yourself to refrain from using your card, cut it up or lock it away – but keep the account open. Remember that there is unsecured debt (like your credit card balances) and secured debt (such as your mortgage and auto loan). Don’t jeopardize your home. Don’t overpay for convenience.

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. But can you file for bankruptcy on credit cards only ?

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Sawin & Shea

NOVEMBER 15, 2023

It distinguishes between what are called ‘secured’ and ‘unsecured’ debts, which are terms you need to know before filing for bankruptcy. And possibly the most common question people ask is credit card debt is secured or unsecured. Secured vs Unsecured Debt: What’s the Difference?

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Roths Child Law

JANUARY 31, 2023

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.

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Titan Consulting

AUGUST 23, 2020

Protect secured debt (home and car) from default to avoid a repossession or foreclosure. Negotiate unsecured debt (credit cards) if you are unable to keep up with payments. We work with consumers seeking debt consolidation loans, or who may be considering options like debt negotiation or bankruptcy.

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Titan Consulting

SEPTEMBER 2, 2020

It is challenging to secure lower rates with high existing debt levels because you have a lower credit score due to excessive credit utilization. Adding new debt to an already overburdened budget can further complicate your financial circumstances. Is debt consolidation risky?

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Sawin & Shea

MARCH 13, 2024

In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? 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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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

AUGUST 30, 2023

You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle). Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts. Most federal student loans.

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Sawin & Shea

MAY 2, 2024

When You Have Too Much Debt to Handle Sometimes debt can pile up to the point where making even minimum payments feels impossible with your current income. Credit card balances, personal loans, and other unsecured debts can quickly spiral out of control, especially when combined with secured debts like a car loan or mortgage.

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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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Sawin & Shea

APRIL 12, 2023

In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

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Sawin & Shea

JANUARY 12, 2022

A Chapter 13 Plan can help get you back on track with secured debts that you are behind on, like house or car payments. Some unsecured debts may still be a challenge to get eliminated, but there is no hard rule that says they are not eligible like the debts listed above. Student loans can be particularly challenging.

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Hudson Weir

SEPTEMBER 4, 2023

Qualifying debts include: Credit card debts Loan repayments Overdraft repayments Unpaid rent arrears Unpaid utilities Unpaid council tax Unpaid income tax Buy now, pay later financing Benefit overpayments Money owed to friends and family Several debts cannot be included such as student loans, child maintenance, secured debts, court fines and licences. (..)

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Credit Corp

MAY 3, 2023

Usually during a Chapter 13 you only pay off part of your debts. Priority and secured debts, such as taxes or auto loans, are paid in full. But unsecured, nonpriority debts, such as medical bills and credit card debt, are only partially paid. The Trustee’s office then pays various creditors.

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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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Sawin & Shea

APRIL 10, 2024

The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. You’ll then be able to discharge the balance of eligible debts, such as credit card debt and medical bills. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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