Foreclosure Loans Secured debt 
Sawin & Shea
AUGUST 24, 2022
When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. A secured debt means that the borrower has collateral on the debt, such as a car lease.
Sawin & Shea
NOVEMBER 15, 2023
If a debt is unsecured, no collateral is put up as a guarantee to pay. Unsecured Debt What is unsecured debt? However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt.
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Credit Corp
JUNE 4, 2024
A mortgage is a type of secured debt , which means your lender can seize your property and sell it if you don’t repay the loan as agreed. In the mortgage industry, this is known as a foreclosure. Eventually, the bank initiates foreclosure proceedings. This is far less than the balance remaining on your loan.
Debt Free Colorado
DECEMBER 9, 2021
Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 is a disaster when it comes to secured debt. .
Sawin & Shea
MAY 2, 2024
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. Bankruptcy filers with income below their state’s median can potentially qualify for Chapter 7 to discharge many debts.
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? A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type.
Sawin & Shea
FEBRUARY 21, 2024
This is different from Chapter 7 bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan. A major benefit of Chapter 13 bankruptcy is that it allows the filer to catch up on missed mortgage, car loan, and other secured debt payments by incorporating them into the repayment plan.
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