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
One of the benefits of declaring bankruptcy is that debt collectors cannot try to collect on debts that were discharged in bankruptcy. Secured Debt Secured debt would include things like: House mortgages Car/vehicle loans Some taxes Loans for furniture/appliances/large electronics Which type of debt is most often secured?
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Debt Free Colorado
DECEMBER 9, 2021
If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.
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. Why Do You Need an Appraisal?
Sawin & Shea
DECEMBER 21, 2023
It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation.
Sawin & Shea
FEBRUARY 21, 2024
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. This helps prevent repossession or foreclosure.
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. Secured Debt vs. Unsecured Debt Not all debts are treated equally in bankruptcy court.
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