Remove Debt settlement Remove Secured debt Remove Student Loans
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Should You File for Bankruptcy if a Strong Economy is Just Around the Corner

Titan Consulting

In many cases, you will lose secured assets such as your home and vehicles. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. Federally managed student loans received an automatic six-month payment waiver.

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FAQs About Debt Management Plans

Debt Guru

Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Secured debts, like your mortgage or car payments, aren’t covered. Student loans aren’t covered, either. Bankruptcy can be a potential option when you’re totally overwhelmed by your debt.

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

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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What Debts Can Bankruptcy Eliminate: Examples of Unsecured Debt

Debt Free Colorado

These debts have no collateral, so creditors cannot take your property without going to court first. Late utility bills also count as unsecured debt. Some debts stay with you even after bankruptcy. Student loans, child support, recent taxes, and court fines must be paid in full.