Collection Industry News

MAY 24, 2021

Credit card debt has plunged — but what if you’re still up to your neck? Credit card debt has fallen during the pandemic, with figures from credit bureau Experian showing the average debt dropped from $6,194 in 2019 to $5,313 in 2020. So that debt is really, really important,” Orman told CNBC.

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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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Bankruptcy Credit Card Debt Collateral Lawyers 52

Sawin & Shea

MARCH 9, 2022

Firstly, you need to understand the difference between unsecured and secured debts. 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.

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Chapter 13 bankruptcy Bankruptcy Unsecured Debt Collateral 102

Sawin & Shea

MAY 5, 2021

It is difficult to know exactly how many because often people will use credit cards to pay off medical or other bills when they are struggling with debt, and so the reason on a survey may be “credit card debt” even though the situation began as medical debt.

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Chapter 13 bankruptcy Bankruptcy Unsecured Debt Student loans 98

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. Discuss your tax debt with a bankruptcy attorney to make sure you get the most out of your discharge. Student Loans. Student loans can be particularly challenging.

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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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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

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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