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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts.

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Can I Settle My Credit Card Debt Myself?

Titan Consulting

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. When Should You Consider a Debt Settlement Program ? How to Negotiate Your Debt?

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How to Stop Creditor Harassment

Debt Free Colorado

Quick Summary: Chapter 7 bankruptcy allows individuals to discharge most unsecured debts. Creditor harassment is any aggressive or threatening communication from a debt collector. This stops creditor harassment and wage garnishment for most debts. This is to satisfy a debt you owe. What is Wage Garnishment?

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecured debts, such as credit card balances, medical expenses, and personal loans, within a matter of months. Dischargeable debts are those that can be eliminated through bankruptcy.

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Seven Ways to Get Out of Debt in 2022

Better Credit Blog

Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability. What is Debt? Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans.